Sehteq to acquire Dawa Express for $3M to reimagine health insurance in the Middle East
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Through this acquisition, Dawa Express will become a wholly-owned subsidiary of Sehteq operating under Sehteq Portals, the technology, and innovation arm of the group, by the end of a transitional 5 months period. Sehteq has been a client of Dawa since March 2020.
Dawa Express is a UAE-based technology and services solution provider to health insurance companies and healthcare providers in the region for the past 6 years. Sehteq is also based in the UAE and is a technology-driven health insurance startup. The company was born out of a startup incubator in 2017 and grew through a series of 12 M&A to be the 3rd largest provider of value health insurance plans for individuals, families, and groups in the country. Sehteq recently secured a $20M commitment to set up a reinsurance vertical, led by their anchor investor 971 Capital.
Inshar K.M. Dawa’s Chief Operating Officer commented on the announcement, "We have successfully delivered many projects for Sehteq over the past 6 months leveraging our innovative technologies and service hubs in Lebanon, India, and UAE. I worked closely with Sehteq while I was the deputy head of medical operations at Dar Al Takaful Insurance in UAE, and I found a synergy between Dawa and Sehteq from day one."
Jas Sing, Sehteq’s Chief Technology Officer said, "This is an important moment for Sehteq as we continue to strengthen our technology platform to be a step closer to the Oscar Health of the Middle East. Dawa’s Artificial Intelligence and Machine Learning powered solutions will accelerate the launch of our first in the region build-your-own-insurance offering to SME, and enhance the service levels of our growing consumer base in the UAE.”
Saif AlJaibeji, Sehteq’s Co-Founder and Chairman added, “I worked with Dawa’s team 6 years ago on a number of projects in the region. Joining forces with Dawa will help us accelerate Sehteq’s vision to reimagine health insurance in the Middle East. This acquisition is aligned with our investment’s mandate to grow our technology platform and support startups, and will be the first of many similar partnerships with young entrepreneurs."
Despite the impact of COVID-19, by October 2020 MENA VC investment has exceeded full-year funding in 2019. Access the numbers and get more data in our October 2020 Dashboard.