AB Accelerator backs blockchain startup Addenda

Addenda Technologies , “the Middle East’s first insurance blockchain platform”, has closed a six-figure bridge round, by participating in AB Accelerator powered by Arab Bank and funded through venture capital fund AB Ventures. This marks the second round of funding for Addenda, after its recent seed round announced in November 2019.

Founded in 2018, Addenda is a team of ~8 led by brothers Walid and Karim Dib. It utilizes blockchain technology to reconcile payments between insurance companies across lines of business including health, life and auto. It claims to have onboarded more than 7 of the UAE’s top insurance companies onto its platform.

“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.” – Walid Daniel Dib, CEO of Addenda.

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