Saudi Arabia's Initial Insurance Platform, Yasmina, Secures $2 Million in Seed Funding
In a significant move for the Middle East and North Africa (MENA) region's insurance sector, Yasmina, an innovative embedded insurance platform based in Riyadh, Saudi Arabia, has secured $2 million in Seed funding. This funding will enable Yasmina to scale its operations, expand beyond Saudi Arabia, and redefine how protection is offered in the region.
The round was led by Scene Holding, co-led by Access Bridge Ventures, with participation from Arzan VC and early backing from the Sanabil Investment Accelerator by 500 MENA. The investors believe that Yasmina's API-first model and early traction are indicative of the potential for embedded insurance to be a significant value creator across MENA.
Hasan J. Zainal, Founder & Managing Partner at Arzan VC, expressed his belief that Yasmina is uniquely positioned to drive innovation in the regional insurance sector due to their superior understanding and strategic insight. Rakan AlRashed, Partner at Access Bridge Ventures, shared his enthusiasm for the untapped potential of Saudi Arabia's Insurtech landscape and believes Yasmina is well-positioned to be the breakout player. Amal Dokhan, Managing Partner at 500 Global, also supports Yasmina's vision and believes in the power of embedded insurance across the region.
With the new funding, Yasmina is scaling its team and launching operations beyond Saudi Arabia. The first stop on this expansion journey is the United Arab Emirates (UAE), where Yasmina plans to launch operations by late 2025. Following the UAE launch, Yasmina aims to enter the Egyptian market in 2026.
Yasmina's embedded insurance platform allows digital businesses to offer personalized insurance products seamlessly, with full regulatory approval and a frictionless user experience. Since its inception, Yasmina has formed strategic partnerships across HR, auto, travel, POS, and real estate platforms, expected to bring embedded insurance to over 1.5 million customers. The company offers a range of products including SME Medical, Motor, Life, and General Insurance.
Sultan Ghaznawi, Chairman & Managing Director of Scene Holding, commented on the investment but no specific information about his comment was provided. Masoud Alhelou, Yasmina's Co-founder and CEO, commented that the funding will help them scale faster, serve more partners, and redefine how protection is offered in the region.
The investors express confidence in Yasmina's team and their ability to reshape how insurance is delivered across the Kingdom of Saudi Arabia. They believe that Yasmina's approach to insurance delivery, at the intersection of Insurtech, fintech, and protection, will define the next wave of value creation across MENA. This expansion is expected to solidify Yasmina's position as a leader in the MENA region's insurtech landscape by making insurance more accessible and streamlined across digital platforms.
- The investment secured by Yasmina, an embedded insurance platform, will allow them to scale their operations, utilizing technology to expand beyond Saudi Arabia and redefine insurance delivery in the MENA region.
- The investors, including Scene Holding, Access Bridge Ventures, Arzan VC, and Sanabil Investment Accelerator, believe that Yasmina's API-first model, strategic partnerships, and early traction in the MENA insurance sector position it as a significant value creator, reshaping the business landscape through technology and fintech.
