UAE-based Addenda, an insurance blockchain consortium, has announced that it has closed its fundraising seed round for an undisclosed amount led by 500 Startups, with the participation of Beyond Capital, Jada Investments and several other angel investors. The additional investments will help Addenda expand its sales and marketing efforts as well as its operations to other GCC countries and accelerate product development.
The company was founded by brothers Walid Daniel Dib and Karim Davis Dib in March 2018 and graduated as part of the Dubai International Financial Centre (DIFC) Fintech Hive's second cohort.
“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 Dh700,000 worth of motor insurance claims against each other using the Addenda platform,” said Walid Daniel Dib, chief executive officer at Addenda.
Commenting on the announcement, Sharif El-Badawi, managing partner at 500 Startups said: ”Addenda’s blockchain subrogation solution is the first of its kind in the Middle East. We are very proud of Walid and Karim and their team who have worked very hard to determine a blockchain solution and introduce a viable product for adoption in the insurance industry. 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”.