As one of the first insurtech startups in the region, the first hurdle Sehteq faced was one with licensing.
The only option available in 2017 was to be licensed as a generic technology company, or to be licensed as an insurance company.
Sehteq officially began operations in February 2018 and closed the year with 20,000 customers and US $2.5 million in revenues.
Customers grew by 5X in 2019, amounting to $17 million in revenues.
Dubai’s Digital Economy and Its Expanding Startup Ecosystem
Dubai’s startup ecosystem will have raised over USD 2 billion by the end of 2022, with self-employed and digital economy roles tripling. Few MENA markets have a 20-year-old startup ecosystem birthing multiple unicorns. Dubai has been the digital startup hub for tech giants and new unicorns alike. Since 2017, Dubai has raised 96% of UAE’s funds, totaling over USD 2 billion by October 2022. LinkedIn data shows a booming digital economy job market with increasing opportunities and remote work options. Learn from top home-grown startups and global transplants why Dubai is poised to become the next digital economy capital of the world.