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Insurtech company Democrance raises Series A from Veridian Ventures, Global Ventures, and Wa’ed Ventures

Investors in this round: Veridian Ventures, Global Ventures, and Wa’ed Ventures

Veridian Ventures insurtech portfolio company Democrance raises Series A, co-led by Global Ventures, a UAE-based VC fund, and Wa’ed Ventures, the CVC arm of Saudi Aramco.

Democrance helps insurers increase their digital sales and access new customer segments. With its B2B SaaS platform, ‘insurance products and digital sales channels can be launched in a few weeks, without impacting any legacy IT system’. Currently, P&C (property and casualty), life and health insurance products are supported on the platform.

Democrance plans to use the funds raised to accelerate growth, achieve profitability and expand into new geographic markets. As part of this expansion drive, Democrance has also opened an office in Riyadh, to further enhance its presence in the Saudi Arabian market.

“The global insurance sector is in the midst of a dramatic surge in digital transformation,” said Michele Grosso, co-founder and CEO of Democrance. “Some of the largest insurance groups in the world count themselves among our clients because they have seen the value in our mission to digitize insurance processes and increase the sector’s penetration in all levels of society, from digital millennials to low-income families.”

“We are very proud of Democrance’s growth to date, and believe this recent round of funding will enable it to continue driving rapid growth while also achieving profitablity, ideally positioning it to deliver strong returns to our investors in the longer run”,  said Marwan El-Hakim, Founding Partner at Veridian Ventures .

$3m

Insurtech company Democrance raises Series A from Veridian Ventures, Global Ventures, and Wa’ed Ventures

Insurtech company Democrance raises Series A from Veridian Ventures, Global Ventures, and Wa’ed Ventures

By VeridianVentures Veridian Ventures Profile 07 Nov 2023