Abu Dhabi-based Hala has snared $5m from a funding round led by Mubadala Investment Company.
According to ITP.Net, the round also saw participation from Entrée Capital, Global Founders Capital, 500 Startups, Hambro Perks Oryx Fund and EQ2 Ventures.
Founded in 2018, Hala was launched in 2018 aiming to reconcile payments between car insurance businesses in the UAE using blockchain. In the last quarter of 2020, the firm started focusing on disrupting the InsurTech market by making insurance more affordable and inclusive.
According to Hala, the newly raised capital will be used to expand its new products into home insurance as well as growing further into the Middle Eastern region.
Hala CEO and co-founder Walid Dib said, “People would love insurance if insurance loved them back. The region’s insurers have focused too hard on selling a product before understanding the customer’s knowledge and preferences. Hala aims to bridge the gap between insurance misconceptions and people’s needs. We’re proud to have partnered up with the regional and global investors to make this vision a reality.”
Entrée Capital co-founder and managing partner Avi Eyal added, “We met Karim and Walid last year and we were immediately taken by their startup mentality, their will to succeed and their ability to analyse and build Hala with very little capital.
“From a serendipitous meeting, our relationship has grown and we found their approach to build a tech driven, disruptive insurance company in the Middle East to be an exciting prospect so we have put our full weight behind the team and look forward to many successes ahead.”
Copyright © 2021 FinTech Global
