UAE-based insurtech platform Addenda, has closed a six figure bridge round by participating Arab Bank-powered AB Accelerator, funded through the venture capital fund AB Ventures.

Addenda raised its first round of seed funding led by 500 startups back in November 2019. Established by Walid and Karim Dib in 2018, Addenda is set to develop a blockchain-based platform that automates the entire insurance industry’s supply chain.

With the latest funding, the company plans to use big data analytics to support blockchain-enabled smart contracts across the insurance industry and deploy fraud detection tools, according to a filling by the company on Monday.

“Even the best blockchain tech is nothing without an actual use case. We’re happy to say that Addenda spent the past two years pioneering what is today a revenue generating and live blockchain. With the funding of AB Ventures, we’ll be able to expand into other markets” said Walid Daniel Dib, chief executive officer (CEO) at Addenda.

Faisal Al Bitar, Head of AB iHub and AB Accelerator, said, “Addenda is one of the companies that has emerged from our Arab Bank Accelerator programme that we launched in 2019. Addenda is uniquely positioned to automate the claim process for the automotive industry and beyond, adding transparency and speed of service to both insurance companies and customers.”

Since its founding, the company has managed to onboard more than seven  of the UAE’s top insurance companies onto its platform, the company said in its filling, adding that over Dh15,000,000 worth of motor accident claims have already been processed through the platform.