UAE: Bayzat and Sehteq among MENA's 50 most-funded startups
Source: Middle East Insurance Review | Nov 2020
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.
The UAE has the most active startup ecosystem, with 33 of the 50 startups headquartered in the emirates, said 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 noted 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.
The businesses on Forbes’s 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.. M