Dubai: Four insurance-related providers are among the 50 most-funded startups in the region in 2020, according to a Forbes report.
Bayzat, a provider of digital insurance and HR solutions along with Sehteq, a provider of low-cost health insurance plans to individuals and SMEs in the UAE, were ranked 6th and 11th, respectively among the 50 most-funded startups in the MENA region this year.
Another two startups the list has named include ServiceMarket, an online marketplace for moving, home services and insurance; and Medicus AI, an AI-based platform interpreting medical data used by diagnostic labs and insurance companies to provide patient-friendly health reports. The four enterprises are based in the UAE.
Bayzat announced a Series B funding round of $16m in October 2019 and has raised a total of $31m to date from a variety of investors. Bayzat was founded by Talal Bayaa and Brian Habibi in 2013.
Sehteq raised $23m from the UAE-based 971 Capital this year. The company was founded in the UAE in 2017 and has since amassed around 650,000 consumers and created a network of more than 2,200 providers. Founders of the company are Drs Saif Aljaibeji and Noor AlKamil.
ServiceMarket’s funding amounted to $8m. In 2018, the company secured $4m in a series B funding round. For Medicus AI, funding reached $7.4m.
The UAE has the most active startup ecosystem, with 33 of the 50 startups headquartered in the emirates, says the Forbes report. Saudi Arabia comes in second with seven startups headquartered there; Egypt is home to four, Jordan to three, Lebanon to two; and Kuwait, one.
The report notes that the Middle East’s startup ecosystem was forced to adapt to meet the changing landscape due to COVID-19. Several startups were able to find opportunities for growth, especially in online markets. Investors’ appetites have shifted the direction of funds to create a new wave of startups in sectors such as FinTech, Agri-Tech, PropTech, transport, delivery, restaurant platforms, and cloud kitchens.
The businesses on the list of “The Middle East’s 50 Most-Funded Startups 2020” raised more than $959m in combined total funding. More than half of the startups (29) have raised at least $425m in funding this year – despite the pandemic, with expectations for funding to increase by the end of the year.