Tunisian InsurTech Avidea raises Pre-Series A
The Tunisian-InsurTech optimizing and securing the vehicle insurance claims process, Avidea raises $696K in its Pre-Series A round to expand its talent and market offering.
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The Tunis-based InsurTech and digital insurance claims platform provider Avidea has successfully raised $696K in its latest funding round The Pre-Series A round was led by Capsa Capital Partners through the specialist investment vehicle 216 CAPITAL FUND I, which is managed by 216 CAPITAL ADVENTURES.
Founded in 2017, Tunisian InsurTech has set forth to streamline, defraud, and optimize the vehicle insurance claim process by creating a seamless two-way digital claims platform. Its main goal is to assist insurance companies in lowering the cost of automotive claims while improving the customer experience.
As recorded in our State of Startup Funding- 2022 Emerging Venture Markets Free Report, Early-Stage Funding rounds (<$500K) continued the gradual decline in 2021. The proportion of Early-Stage Deals has decreased by 7PP over the past year to dive below the 50% mark, raising the flag for future deal-flow consistency. While major Early-stage investors like Flat6Labs, 500 Global, Oasis 500, Wamda, Kaust Innovation Fund, and Shorooq Partners continue to support Pre-Seed and SEED-staged startups, the toll of a conservative accelerated deal activity surely left its mark on the general outflow of Early-Stage Deals. In geographies like MENA, as recorded in our MENA 2022 Venture Investment Report, the proportion of accelerated deals has declined from as high as 33% in 2019 to less than 16% in 2021, which was in congruence with a 10% drop in Early-Stage (<$500K) Deal share of total transactions in MENA over the past year.
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AVIDEA provides insurance companies with a solution for digitizing the customer journey on automobile claims, allowing them to put the customer back at the center while having the necessary tools to better control fraud. In doing so, the startup has set forth to decrease the time and cost of claim management, reduce fraud, and better serve the customer through intimating the claim process. Using its newly acquired funds, the startup plans to add additional talent to the Avidea team, as well as enable the expansion of the product’s functional scope and target market, as the company enters a critical phase of industrialization and internalization.
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