UAE Insurtech Hala to Start MENA Expansion in KSA After $5M Funding
Hala works to revolutionise the Insurtech industry by making insurance affordable, accessible and not so intimidating.
UAE-based Insurtech, Hala, has secured USD five million in a round led by Entrée Capital, with participation from Mubadala Investment Company, EQ2 Ventures, Global Founders Capital, 500 Startups, and Hambro Perks Oryx Fund. The fresh funds will be used to develop its new products and services as well as expand the company across the region, starting with Saudi Arabia.
Launched in 2018, the startup initially started off as a means to reconcile payments between motor insurance companies in the UAE utilizing blockchain technology. In Q4 of 2020, Hala shifted gears and began working to revolutionize the Insurtech industry by making insurance affordable, accessible and not so intimidating.
“We met Karim and Walid last year and we’re immediately taken by their startup mentality, their will to succeed and their ability to analyze and build Hala with very little capital. 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” Avi Eyal, co-founder and Managing Partner, Entrée Capital.
Co-founders and brothers, Walid and Karim Dib were becoming increasingly frustrated with how the Insurtech industry lacked digitization and transparency, so they launched Hala, which today has thousands of customers.
“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" says Walid Daniel Dib, the CEO and co-founder of Hala.
Hala’s primary selling points are its customer-focused approach, full transparency and affordability all wrapped up in a simple and easy-to-use platform.
