UAE Insurance E-Commerce Startup Felix Receives $800K in Seed Funding
The year-and-a-half old insurance e-commerce platform hopes to expand to more territories and develop more automated sales channels.
Insurance e-commerce and automation platform, Felix, is a UAE-based startup for insurance brokers launched in January 2019. The company makes it possible for brokers to sell motor insurance through automating processes and leveraging the internet for sales and distribution, and they’ve now been able to secure $800,000 in funding from a Saudi investor and the Oman Technology Fund.
The startup was able to secure $120,000 back in 2018, but this seed round will make it possible for the company to expand to Saudi Arabia, something they hope to do in the near future. Because of the current pandemic, Felix witnessed a sharp increase in interest that pointed to the need for digital transformation within the insurance sector.
“Insurance brokers have deep insurance product knowledge and strong relationships with both their clients and their insurance partners that they’ve built up over many years. With this new round of funding, we’re in a strong position to help them deliver even better value and convenience to their clients by leveraging all the benefits technology has to offer,” said co-founder Taline Vahanian, in a press release.
