Democrance operates a B2B SaaS platform that enables insurers to launch insurance products and digital sales channels in a few weeks without impacting legacy IT systems. The platform supports property & casualty, life, and health insurance products. Democrance sells to large insurance groups and other clients seeking to digitize processes and expand insurance penetration across different customer segments. The company plans to use the new funding to accelerate growth, achieve profitability, and expand into new geographic markets. As part of that expansion, Democrance has opened an office in Riyadh to enhance its presence in the Saudi Arabian market. Co-founder and CEO Michele Grosso emphasized strong demand for digital transformation among major insurers. Democrance is an insurtech startup based in Dubai that builds a digital platform to enable partnerships between insurance companies and mobile network operators. Its platform lets insurers reach customers via their mobile phones and administer policies through a fully digital, automated system. Mobile network operators can use the platform to offer insurance programs that increase customer loyalty and generate new revenue. Democrance aims to extend protection opportunities to populations that were previously excluded. The company plans to use the seed funding to continue developing its technology platform and to grow the team. Leadership named in the article includes Michele Grosso (CEO), Alberto Perez (COO) and Damian Dimmich (CTO).

Total raised

$1M

Funding rounds

2

Latest round

Seed

Latest activity

Nov 2017