Dubai-based startup, Aqeed.com, has reportedly raised $18 million from its corporate shareholders in Series A round of funding.
The startup is the first InsureTech Specialist in the region and is designed to offer customers a new level of transparency, accessibility and simplicity in understanding the insurance options most suited to them. Aqeed.com is now live.
The firm aims to disrupt the way in which insurance in bought, managed and serviced by providing access to an unparalleled portfolio of insurance companies.
Rachid Abi Nader, CEO of Aqeed, said, “As an InsureTech veteran myself, Aqeed not only directly addresses problems common to the insurance market, but the concept goes over and beyond insurance aggregators currently in place. Indeed, the team we have put in place for Aqeed has tremendous expertise in both the insurance and technology fields.”
Founded by the shareholders behind Barents, an A-rated international Reinsurance group, and Equitrust, a company member of Choueiri Group (MENA’s leading media and advertising group), Aqeed’s vision is to change the way in which customers perceive insurance.
The funding will go towards penetrating the UAE and KSA market, hiring the right talent, and investing in the latest insurance technology.
Abi Nader added, “Our aim is to go beyond the traditional and online distribution model and invest heavily in bringing the latest InsureTech innovation, from artificial intelligence, machine learning, Internet of Things, telematics, as well as business process enhancement and automation.”
As a technology company, Abi Nader said Aqeed.com is focused on making insurance simple for customers. “We have designed our solutions to help consumers understand, manage and buy insurance in an easy and transparent manner,” he added.
Patrick Thiriet, Chief Strategy Office of Choueiri Group, said, “Aqeed is introducing smart InsureTech to improve the life of MENA consumers and we are delighted to be their partner in this exciting journey. Our capacity to reach out those consumers in the region is certain to be an asset as they gain traction with their unique offering.”
