MENA InsureLab, an InsurTech accelerator and venture builder, has secured strategic backing from TIC Technology Innovation Capital, a US-based venture capital firm.

The investment comes from TIC’s $100m fund, which focuses on supporting early-stage technology companies. The firm employs a unique investment model, providing both financial backing and software development services in exchange for equity.

MENA InsureLab was founded to drive digital transformation in the insurance industry by fostering partnerships between established insurers and emerging startups. The accelerator aims to connect insurance firms with cutting-edge technological solutions, facilitating their adoption and integration.

With the fresh backing from TIC, MENA InsureLab intends to expand its operations, offering more funding opportunities, mentorship programmes, and market access for InsurTech ventures across the MENA region.

Aicha Ghaffari, managing director at MENA InsureLab, said, “TIC’s support solidifies our commitment to building a thriving ecosystem where insurance companies and insurtechs can co-create solutions tailored to the evolving needs of customers. This partnership allows us to drive impactful innovation and accelerate digital transformation in the region.”

TIC founder Ike Syed also expressed enthusiasm about the investment, stating, “Our investment in MENA InsureLab aligns with our mission to empower technology-driven entrepreneurship and reshape industries. We believe the InsurTech sector in MENA holds immense potential, and we are excited to support MENA InsureLab in driving meaningful innovation.”