Felix raises $800K in Seed funding, to invest in product development and expand to KSA
Felix, an insurance e-commerce and automation platform for insurance brokers, has announced that it has successfully closed an $800K Seed funding round, led by a strategic Saudi Arabian investor, with participation from the Oman Technology Fund. This news comes over two years after they raised their Pre-Seed round.
Felix's previous funding insights:
Jan 2018 - $120K, Pre-SEED, Techstars Dubai Accelerator, GINCO Investments
• In 2019, Felix revolutionised the way brokers sell motor insurance by giving them a platform to automate processes and leverage the internet for sales and distribution.
• The COVID-19 pandemic has further accelerated the need for digital transformation in the regional insurance sector, with Felix seeing an increased level of interest from insurance brokers and agents looking to sell online and work on the cloud.
• The funds will help Felix invest in product development and regional expansion to the Kingdom of Saudi Arabia.
Co-Founder Taline Vahanian said, “Insurance brokers have deep insurance product knowledge and strong relationships with both their clients and their insurance partners that they’ve built up over many years. With this new round of funding, we’re in a strong position to help them deliver even better value and convenience to their clients by leveraging all the benefits technology has to offer."
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Read the full press release below.
Felix, a leading insurance e-commerce and automation platform for insurance brokers launched in January 2019, announced that it has closed an $800,000 seed round led by a strategic Saudi Arabian investor with participation from the Oman Technology Fund. This follows a $120,000 investment made by Techstars and GINCO Investments in 2018 and will help the company invest in product development and regional expansion to the Kingdom of Saudi Arabia.
The seed funding builds on a strong first 18 months of the Felix platform, which saw rapid growth in clients and volumes of insurance business written. The COVID-19 pandemic has further accelerated the need for digital transformation in the regional insurance sector, with Felix seeing an increased level of interest from insurance brokers and agents looking to sell online and work on the cloud.
In 2019, Felix revolutionised the way brokers sell motor insurance by giving them a platform to automate processes and leverage the internet for sales and distribution.
This funding announcement coincides with the launch of the new Felix software platform for individual and family health insurance lines of business. Brokers can now automate all their medical insurance quoting activities and provide their clients with an online, self-service platform to research, configure and purchase their health insurance policy.
“We’re excited to be bringing on board strategic partners in Saudi Arabia and Oman at a time when the insurance industry’s shift to digital sales models is accelerating. With their support, networks, and relationships with regional regulators we will continue to deliver best-in-class software and tools for insurance brokers and agents in the GCC,” said co-founder Edmond Husseini.
“Insurance brokers have deep insurance product knowledge and strong relationships with both their clients and their insurance partners that they’ve built up over many years. With this new round of funding, we’re in a strong position to help them deliver even better value and convenience to their clients by leveraging all the benefits technology has to offer,” said co-founder Taline Vahanian.
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