Insurance-tech startups WellX and DESAISIV led funding activity in the Middle East region this week while Saudi Arabian blockchain startup Oumla also secured pre-seed capital.
In another significant deal, Saudi fintech player HyperPay acquired two-year-old fintech startup Sanad Cash to fortify its position as a financial digital solutions provider.
Meanwhile, Public Investment Fund (PIF), the Saudi sovereign wealth fund, has announced its intention to invest $5 billion in Oman in promising sectors through the establishment of a Saudi-Omani joint venture company. The venture recently closed its first investment in Oman as a 20% anchor investor in Abraj Energy Services’ initial public offering.
WellX
Health and wellness insurtech platform WellX raised $2 million in a seed round led by Dubai Future District Fund, to fuel regional expansion and accelerate growth. The round also saw participation from DASH Ventures, Annex Investments, Sanabil Investments, Plus VC, Aditum Investments, Loyal VC, and Plug and Play Ventures.
Founded by Vaibhav Kashyap, Javed Akberali, and Anushka Patchava in 2022, the platform facilitates adoption of healthy lifestyle through incentives in the form of embedded insurance and personal rewards.
The UAE-based startup plans to utilize the recent funding to advance technological innovation and expand its team size. It is the region’s first combined health and insurance tech platform.
DESAISIV
Saudi Arabia-based business-to-business insurtech startup DESAISIV raised $2 million in a pre-seed round led by 500 Global to expand geographically and for product development. Others investors in the round include Terra VC and Oqal, besides family offices and investors with an insurance background.
Founded in 2021 by Saed Khawaldeh and Mohamad Nabhan, DESAISIV offers AI-powered SaaS products for medical insurance companies and third-party administrators.
In fact, DESAISIV initially started in the UK before it expanded to Jordan, Saudi Arabia, and the UAE. The Riyadh-based firm currently covers nearly 70% of Jordan's insurance market. Earlier this year, DESAISIV secured $100,000 in grant from Saudi accelerator Taqadam.
Oumla
The Saudi blockchain-based platform raised an undisclosed amount in pre-seed funding led by Riyadh-based venture capital firm Core Vision.
Co-founded in 2022 by Mohammed Aljasser, Oumla simplifies blockchain by providing secure and scalable infrastructure for builders.
HyperPay
HyperPay, a Riyadh-based fintech firm, acquired Saudi Arabian spend management fintech player Sanad Cash for an undisclosed amount.
Founded in 2010 by Muhannad Ebwini, HyperPay is a payment gateway that offers merchants a slew of payment processing services, including risk and fraud management, monitoring systems, installments, and invoicing. HyperPay has raised over $50 million in funding since its launch.
The acquisition will allow HyperPay to diversify its product offerings and position itself as a comprehensive all-in-one digital solution across the Middle East and North Africa (MENA) region.
Sanad Cash was founded in 2020 by Sultan Alhugail, Mahmoud Iswiad, and Shorhabel Ghoneim. It helps its corporate clients to track their spending and process on-demand payments for staff and others. The startup raised a $1.6 million round earlier last year.