Democrance, the UAE-born InsurTech company completed its latest funding round, led by Dubai-based international VC firm Global Ventures, along with the participation of Veridian Ventures and existing investors.
Michele Grosso, Chief Executive Officer of Democrance, said: “Democrance aims to enable the consumerization of insurance where insurance products will be bought and serviced remotely and seamlessly in the growing digital, virtual, and remote e-commerce world. In six years, we have expanded our footprint across 12 countries and work with the world’s leading insurance organizations. And we are proud to have Global Ventures among our investors: their expertise in growing enterprise SaaS businesses coupled with their regional focus will help us grow and uphold our position as the leading InsurTech in the region.”
Basil Moftah, General Partner at Global Ventures, added: “Among insurers, the COVID-19 crisis has fueled innovation ambitions, and accelerated efforts to adopt a digital-first approach to customer and worker interactions, to modernize technology infrastructure and improve data capabilities, and embrace touchless, digital underwriting and claims processes. In this scenario, InsurTech companies will play a key role in helping change the trajectory for insurers in achieving these ambitions. We have followed the success story of Democrance – their grit and commitment to bridging the gap between insurers and technology are one to watch. This partnership validates our confidence in the Democrance story. At Global Ventures we are committed to supporting founders and innovations with game-changing ambitions, as well as enabling the digitization of the UAE’s economy.”
