BECO Capital, a regional venture capital firm focused on technology investments in the Gulf Cooperation Council (GCC) countries, today announced that it has invested in Bayzat, a UAE-based comparison startup covering insurance and banking products.
Bayzat raised a Series A round of AED 3.67 million (US$1 million) from BECO Capital and a number of private investors. The funds will be used to accelerate the company’s growth and expand its services and reach across the UAE. BECO Capital, which focuses exclusively on supporting technology startups in promising sectors, has a history of assisting early-stage organisations, with investments including Propertyfinder.com and Careem.com.
BECO Capital’s investment is the only institutional funding completed by Bayzat as it eyes the next phase of its evolution.
The current insurance premium market in the UAE is estimated at US$2.7 billion. With the Dubai Health Insurance Law currently being rolled out, the health insurance sector is expected to grow by over 10% in the coming year.
The Bayzat healthcare insurance technology solution is a cloud-based platform that offers a seamless way, for both individuals and companies, to find, purchase and access medical benefits. It was developed to simplify the process of finding the most suitable medical insurance, while saving money for the employee, employer and insurance company in question. The technology makes sure the employee stays in its insurance network coverage and decreases additional premium costs. The solution is particularly gaining momentum with both regional and multi-national conglomerates, which are able to offer their employees quick and efficient access to information about their tailored insurance packages, the approved network of healthcare providers, as well as claim forms, handbooks and documents.