Democrance Se­cures $800K in Fund­ing

Arabnet - The Quarterly - - Industry Stories -

Democrance, a Uae-based in­sur­ance tech­nol­ogy startup with a mis­sion to en­able part­ner­ships that make in­sur­ance ac­ces­si­ble and af­ford­able for those who need it most, raised $800K dur­ing its first round of fund­ing. Lead­ing re­gional and global in­di­vid­ual and in­sti­tu­tional in­vestors par­tic­i­pated in the round, in­clud­ing Jab­bar In­ter­net Group, one of the most prom­i­nent in­vestors in in­ter­net and tech­nol­ogy com­pa­nies in the Arab World and Eos Ven­ture Part­ners, a global In­surtech (In­sur­ance-tech­nol­ogy) Ven­ture Cap­i­tal in­vestor based in London. Other in­vestors included Turn8 from the UAE, F-horizon Group from Saudi Ara­bia, Seed­stars from Switzer­land and sev­eral an­gel in­vestors from the UAE and broader MENA re­gion, Europe, South Asia and the United States. Democrance is set to pave the way in de­vel­op­ing the In­surtech in­dus­try along with ed­u­cat­ing the pub­lic about its us­ages and ben­e­fits. The dig­i­tal plat­form brings to­gether in­sur­ance and telecom­mu­ni­ca­tion com­pa­nies, al­low­ing users to get ac­cess to in­sur­ance through their mo­bile phone, with­out even hav­ing ac­cess to a bank ac­count.

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