UAE insurance start-up Aqeed goes live after $18m funding round

UAE insurance technology start-up Aqeed.com has gone live after raising $18m from investors.

The firm, founded by the shareholders of reinsurance group Barents and media and advertising firm Choueiri Group’s Equitrust unit, aims to disrupt the buying, management and servicing of insurance in the region by working with industry players.

In doing so it intends be a platform for users to easily access and manage insurance documents and talk to insurance experts, according to the announcement.

Aqeed plans to use the series A funds to penetrate the UAE and Saudi markets, hire staff and invest in new technology.

“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,” said CEO Rachid Abi Nader.

Future expansion is planned in the wider Middle East and North Africa.

Aqeed will compete with established players including Yallacompare (formerly Compareit4me) and Souqalmal.

Both firms have raised additional funding over the last 12 months amid increasing interest in the sector from regional and international investors.

Read: Dubai-based comparison site compareit4me raises $3.5m in funding

Read: UAE comparison site Souqalmal raises $10m in funding round