Dubai based MedTech startup, Sehteq, announced on 17th August, 2020, that it has raised USD 20M commitment to set up a reinsurance vertical. This investment is led by their anchor investor 971 Capital.
Saad AlJaibeji, who’s the Senior Partner in 971 Capital, commented, “This investment will upgrade Sehteq in conjunction with its technology and reinsurance verticals to a new and innovative version of Munch Re – MedNet or Alliance – Nextcare.”
As claimed by the company, USD 10 million is the minimum capital required to start a reinsurance business and the higher the initial investment goes – the more capacity the startup will have to do business.
Apart from this investment, the startup will get an additional funding of USD 3M to support its technological arm.
Currently, Sehteq automates more than 90 per cent of their back office work which improves the efficiency and reduces the inconveniences caused to its clients. The additional USD 3M will help the company to build and acquire consumer-centric applications to improve its center to a standalone vertical and licensed AI-based sales technology to more than 100 partners.
Established in the year November 2017, by startup incubator Ras Al Khaimah, Sehtaq whose Arabic stands for “your health” is a health insurance startup. It continued its operations in February 2018 with the acquisition of its first health insurance license which is also called third party administrator TPA. The company grew with twelve subsequent acquisition and invested greater portion of money in technological platform to provide low cost health insurance for companies and individuals as well in the UAE region. Currently, Sehteq is one of the top 3 health insurance provider in the UAE. It ranks 9th on the global insure-tech list, based on funding.
The company has acquired 3 out of 21 existing licenses and is currently looking to acquire 2 more before the end of 2020 in order to reach its one million consumer target.
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