Abu Dhabi based insurance technology startup Hala raised $5 million in a funding round led by Entree Capital and saw participants like Mubadala Investment Company, EQ2 Ventures, Global Founders Capital, 500 Startups and Hambro Perks Oryx Fund, according to media reports. Hala will use these funds to expand its business in the Middle East and help unveil new products.
Walid Dib, chief executive and co-founder of Hala told the media, “We believe 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 peoples’ needs.”
The GCC region has one of the fastest-growing insurance markets in the world and accounts for 7 percent each year in gross written premiums between 2013 and 2019. Additionally, around 8 percent of MENA uses InsureTech but future plans to use this stands at 48 percent. Hala was launched in 2018 by Walib and Khalid Dib to streamline payments between motor insurance companies in the UAE using blockchain technology.
Last year, the company introduced its retail insurance and offered products directly to customers. Hala aims to revolutionise and disrupt the InsurTech industry by making insurance more accessible.
During the second quarter of 2021, the company recorded strong growth, primarily because its products and offering are user-friendly and priced fairly without revealing its financial details.
Hala operates in a customer-centric environment and focuses on preserving peace of mind through transparency. They also assist customers in insuring their valuables without paying any high costs.