Abu Dhabi-based insurance technology startup Hala has secured $5 million in a funding round led by Entree Capital, with participation from Mubadala Investment Company.
According to the statement, Global Founders Capital, EQ2 Ventures, 500 Startups, and Hambro Perks Oryx Fund also participated in the funding round.
The company stated that the funds will be used to extend its new products, such as house insurance, as well as expand its operations throughout the Middle East, beginning with Saudi Arabia.
The company was founded in 2018 in order to use blockchain to balance payments between motor insurance companies in the UAE. The company ventured into retail insurance in 2020 and began offering products directly to clients with the purpose of “revolutionizing and disrupting” the InsurTech business by making insurance more accessible.
“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.”
As per the reports, Hala operates in a customer-centric environment, focusing on preserving peace of mind through transparency and assisting consumers in insuring the things they care about without paying costs they despise, all in a simple, easy-to-use solution.
“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,” said Mr. Avi Eyal, co-founder and Managing Partner, Entrée Capital.