Rasan will reportedly look to diversify its portfolio, channeling the new investment in new tech and product development.
Saudi Arabia-based tech company, Rasan, has announced that it has raised a funding round of $24 million for its insurtech platform, Tameeni - the first of its kind in the Kingdom. The deal, led by Riyadh-based VC Impact46, also marks the first growth stage insurtech deal in the country.
Launched in 2017, Tameeni offers instant policies by facilitating real-time collaboration across insurance and financial interactions. Through a three-step process - Register, Compare, Purchase - the platform allows users to receive insurance policies in seconds. Currently, Tameeni works with over 20 insurance companies as an aggregator that allows users to compare and contract. The startup claims to have over eight million users and pieces over 25,000 leads daily.
It's understood that the investment will be channeled into new tech and product development and boosting scale opportunities, while also working to unlock the value of whitespaces in the still under-developed insurtech sector - something that feeds into a larger collective goal.
"Saudi’s Vision 2030 heralds an unprecedented period of economic transformation and prosperity,” said CEO of Rasan, Moayad Alfallaj. “Rasan is poised to support that by advancing the digitalisation of the insurance and financial sectors. This investment from Impact46 is a major milestone on our growth journey, signalling confidence in our research and innovation, and further strengthening our capabilities to build and scale multi-sided platforms as well as improving the customer experience and expanding into new geographical regions."