5 years ago

Addenda Secures Seed Funding Led by 500 Startups

  • Addenda, a UAE-based insurance blockchain consortium, has closed its seed funding round led by 500 Startups, with participation from Beyond Capital, Jada Investments, and other angel investors

  • The funding will be used to expand sales and marketing efforts, operations to other GCC countries, and accelerate product development

  • Addenda's blockchain subrogation solution is the first of its kind in the Middle East and allows insurance companies to file motor insurance claims against each other

  • The company has already processed over Dh700,000 worth of claims since launching its platform in mid-October 2019.

      • ProblemFinancial Services

      "Insurance companies in the Middle East face inefficiencies and delays in reconciling claims between each other."

      Solution

      "Addenda offers a blockchain-based platform that streamlines and automates the reconciliation process for insurance claims, reducing disputes and improving efficiency."

      Covered on