UAE-based Protect4less secures $1M Pre-Series A funding
Protect4less, a UAE-based Insuretech startup that provides users of smartphones and other electronic devices including laptops, PCs, tablets, accessories and home appliances coverage, has closed a $1M Pre-Series A round from a group of family offices and private investors.
Launched by Zayn Holding Limited, Protect4less is available in the UAE and wider GCC region, and will soon expand across MENA and South Asia. Protect4Less offers convenient, flexible & affordable protection plans for consumer electronics and electrical devices across the board.
Protect4Less works with a wide network of service providers, distributors and channel partners to provide and fulfill affordable protection solutions across the GCC, African and Indian markets. Its extensive list of partners includes telecom companies such as STC Bahrain, Batelco and Zain KSA, and the Ooredoo Group among others. Protect4less is also available as an add-on with retail consumer electronics purchases at the region’s leading retailers and Hypermarket chains.
Rafiq Khan, Protect4less Co-founder and Managing Partner added “As a technology-based warranty solution, the Protect4less customer experience is unique and offers unmatched convenience and flexibility. We will support our D2C roll-outs across the region with extensive marketing initiatives that will make the brand a must-buy accessory with any electronics purchase.”
In terms of what the investment will be used for, Shyam Ramlal, Co-founder and Managing Partner added “The funds raised are meant to fuel our rapid roll-out in the MENA region via telco and retail partners as well as fund one of our key strategic initiatives – the launch of Fixed4less, our co-owned & franchised brand of Service Centres that will beef up our network of Service Centre partners in some key markets, where organized Consumer Electronics Service is not available or lacking.”
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