UAE’s Blockchain Insurance Startup Addenda Scores Five-Figure Investment from 500 Startups
The funds gained aim to help with the startup’s expansion and other market upscale and product acceleration efforts.
UAE-based Addenda, the Middle East’s first and only insurance blockchain consortium has announced the closing of its fundraising seed round for an undisclosed amount, led by 500 Startups and participation from Beyond Capital and other angel investors. The investment will allow Addenda to aggressively upscale its sales and marketing efforts, expand to other GCC countries and accelerate product development.
“In mid-October, we launched the first ever blockchain reconciliation platform between insurance companies. In a matter of a few weeks, we’re excited to say that eight insurance companies have filed more than 700,000 AED worth of motor insurance claims against each other using the Addenda platform. The month of October has marked the closure of our five-figure seed fund round and helped us cross another milestone,” says Walid Daniel Dib.
Established in March 2018 by Walid Daniel Dib and Karim Davis Dib, the engineer sibling duo turned their experience in the insurance sector and obsession for blockchain-based decentralisation of services into reality and launched Addenda.
“Addenda’s blockchain subrogation solution is the first of its kind on the Middle East. Addenda is a powerful solution for the insurance industry, and we are excited to collaborate with and support them as they work to build a great company in an exciting category,” says Sharif ElBadawi, Managing Partner of 500 Startups.
