Addenda Announces Closure to Its Seed Round

Addenda, an insurance blockchain association, based in UAE, is done with its seed fundraising round, as per the official announcement. With these fresh investments, the firm not only plans to scale up its marketing and sales efforts but also boost product development. In addition to that, Addenda intends to establish and broaden their operations in more GCC nations.

The amount of the funds has not yet been disclosed. The fundraising round saw participants from noted organizations such as 500 Startups, Beyond Capital, and Jada Investments, to name a few among a list of angel investors.

Sharif El-Badawi, 500 Startup’s Managing Partner, shared his views on this latest announcement saying that they are thrilled to partner with Addenda. Terming Addenda’s blockchain solution as first-of-its-kind in the Middle East, Sharif stated that they are proud of Addenda’s founders, as well as their team, for having introduced a feasible product powered by blockchain technology that the insurance sector can adopt.

Addenda, the blockchain firm that has two brothers Karim Davis Dib and Walid Daniel Dib as founders, was established last year in March. Addenda has also become a part of the second unit of the DIFC (Dubai International Financial Centre) Fintech Hive.

The company came out with its first blockchain reconciliation platform between insurance firms in mid-October. According to Addenda’s CEO, Walid Daniel Dib, the platform saw 8 insurance firms filing motor insurance claims worth over Dh700,000 against one another within a couple of weeks from the launch.