Oryx Fund, the Mena-focused investment vehicle run by UK fund manager Hambro Perks has invested in Abu Dhabi-based insurtech start-up, Hala.
The financial backing came as part of a US$5 million fundraising round led by UK venture capital firm Entrée Capital and Abu Dhabi sovereign wealth fund Mubadala.
The funds will be used to extend the firm’s product range to include home insurance and to expand is its presence in the Mena market.
The insurance startup was launched in 2018 by brothers Walid and Karim Dib with an initial focus on motor insurance and a mission statement that talks about “making insurance lovable, affordable and accessible” through the use of blockchain technology.
“The size of the market across the region has huge potential, and Hala is proving to be very capable at using technology and data to provide a product offering which appeals to a large customer base,” said Ali Qaiser, general partner at Oryx Fund.
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