Riyadh - Sharikat Mubasher: Democrance, the global insurtech firm, closed a funding round led by Wa’ed Ventures and Global Ventures among its strategy to expand footprint in Saudi Arabia, following the launch of Riyadh headquarters, according to the company's press release.

The firm did not unveil the round’s type and volume.

Democrance’s expansion in the Saudi market aligns with the principles of the Financial Sector Development Program (FSDP), triggered by Vision 2030 objectives.

Hussain Almarhoon, Chairman of Riyadh office and Founding Managing Partner of HALA Ventures, emphasized the pivotal role of the FSDP in shaping the Kingdom’s FSI sector.

Almarhoon said: “Democrance’s mission to bring insurance to underserved markets and communities makes us an ideal contributor to the program and a key partner in the realization of Vision 2030.”

Meanwhile, Mazen Alasnag, Head of Venture Growth at Wa’ed Ventures, commented: “Democrance has shown great potential to elevate available insuretech products, and we are excited to partner with them on their journey to diversify and digitize insurance solutions.”

Furthermore, Medea Nocentini, Senior Partner of Global Ventures, stated that Democrance’s next chapter will be written in the Kingdom, driven by its FSI transformations.

For his part, Co-Founder and CEO of Democrance, Michele Grosso, stated: “Democrance has emerged as the leading B2B insurTech firm in Saudi Arabia by aligning with SAMA’s vision and that of broader government efforts on Vision 2030.”

“Some of the largest insurers in Saudi Arabia 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,” Grosso added.

Along with Saudi Arabia, Democrance is active in 15 other markets in the Middle East, Africa, Southeast Asia, and Latin America.

It helps insurers boost their digital sales and access new customer segments through its B2B white-label SaaS technology platform that provides P&C, life and health insurance products.