ECOSYSTEM | WHO’S GOT VC | Q&A | STARTUP FINANCE
Left to right: Aqeed Chief Product Officer Hadi Radwan and CEO Rachid Abi Nader
AQEED www.aqeed.com
Having the “DNA of a startup, and the strength and stability of a corporation,” sure sounds like something every fledgling venture out there would envy, and Aqeed.com, a new UAEbased insurtech platform, claims to be blessed with such a structure. Aqeed, a technology company focused on helping consumers understand, manage, and buy insurance on their platform, is founded by the shareholders behind international reinsurance corporation Barents Re, and Equitrust, a group company of MENA’s media and advertising enterprise Choueiri Group. Launched in April 2018, raising an investment of US$18 million in funding from their founders, Aqeed’s management is led by experienced industry hands including CEO Rachid Abi Nader (previously a Lead Consulting Director, Insurance, Middle East at PwC), and Chief Product Officer Hadi Radwan, formerly head of M&A with a leading insurance group in Dubai. “Insurance is one of those industries being disrupted globally,” Radwan says. “It is being revolutionized thanks to new technologies allowing the reinvention and digitization of the business. However, insurance in the Middle East is still lagging behind.” Referring to
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the current perception of the industry as being “complex,” he says Aqeed was built to accelerate the digital transformation of the conventional sector in the region, and align it with global trends. Being focused on consolidating their presence in the UAE, as well as entering Saudi Arabia and other Middle East markets, CEO Abi Nader says, “We are also in the process of hiring the right talents, and investing in the latest insurance technology… Our objective is to go beyond the traditional and online distribution model, and invest heavily in bringing the latest insurtech innovation- from artificial intelligence, machine learning, internet of things (IoT), telematics, as well as business process enhancement and automation.” With regard to the monetary boost for the startup right at its inception, Radwan and Abi Nader say they are fortunate to have two tier-one corporate shareholders who are bringing
much more than just funds to Aqeed. “Insurance companies and customers would like to work with companies that potentially will still exist in the coming few months,” Abi Nader says. “The same applies to our teams- they want to work in a startup environment full of new challenges, however, they want sustainability and security at the same time.”
“INSURANCE IS ONE OF THOSE INDUSTRIES BEING DISRUPTED GLOBALLY. IT IS BEING REVOLUTIONIZED THANKS TO NEW TECHNOLOGIES ALLOWING THE REINVENTION AND DIGITIZATION OF THE BUSINESS. HOWEVER, INSURANCE IN THE MIDDLE EAST IS STILL LAGGING BEHIND.” Sharing a few key takeaways from their experience in launching Aqeed, Radwan says that raising money “can be an intimidating process” that needs to be managed well. “It is critical that you articulate to investors what pain point you are solving, how you are solving it differently than what already exists in the market. More importantly, investors have to be convinced that the return on their investment is a substantial multiple to compensate for their opportunity cost,” he says. “Our shareholders were very conscious about having the business case nailed to perfection. That is why we had to build a fully working platform
‘TREP TALK Hadi Radwan, Chief Product Officer, Aqeed.com What are your three top tips for the region’s startups to secure investments for their ventures? 1. Validate your business. “Make sure you have nailed the product-market fit before asking for money. I have seen a lot of entrepreneurs pitch for funding before proving that their idea solves a real problem. More importantly, validate your idea before seeking investment. A cool technology alone will not cut it.” 2. Be transparent with your prospective backers. “Tell your investors how you will be using their money and what is your expected cash runaway. It is crucial that you are very transparent and candid with the investors. They hate being taken by surprise.” 3. Nail your demo. “While fancy graphics on a pitch deck is nice, there is nothing more powerful than a product in action. Investors have seen plenty of pitches with a lot of standardized presentations. Be different!”
before committing any money to the project.” From the investor’s point of view, Patrick Thiriet, Chief Strategy Officer, Choueiri Group says the company is “delighted” to partner
IMAGE CREDIT AQEED
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