Bahrain-based insurtech startup Soor has secured an undisclosed pre-Seed investment from Spring, a venture studio and ecosystem builder backed by London-based investment firm Salica and Bahrain’s Al Waha Fund of Funds. The funding will support the startup’s product development and growth plans.
Founded by Mahmood Dhaif and Qasim Albaqali, Soor has developed a digital platform that allows customers to compare insurance policies from different providers and purchase their preferred option through a single application. The company says the platform is designed to reduce the complexity and time involved in purchasing insurance while providing customers with greater transparency and convenience.
Licensed by the Central Bank of Bahrain, Soor also provides insurers with a digital distribution channel through which they can reach and serve customers.
Following the investment, Soor plans to enhance its platform capabilities, expand its partnerships with insurance providers and improve its user experience. The company will also focus on growing its presence in Bahrain while exploring opportunities for regional expansion.
Spring is backed by Salica and Bahrain’s Al Waha Fund of Funds and invests in technology companies addressing market inefficiencies.
