Democrance Secures $800K in Funding
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.