Bahrain-based insurtech startup Soor has raised an undisclosed pre-Seed investment from venture studio and ecosystem builder Spring, as the company looks to strengthen its digital insurance platform and accelerate its growth in the Bahraini market.
Founded by Mahmood Dhaif and Qasim Albaqali, Soor is building a digital marketplace designed to simplify the way consumers discover and purchase insurance. Through a single application, users can compare policies from multiple insurance providers and select and purchase the option that best fits their needs.
The startup aims to address some of the friction traditionally associated with buying insurance, including lengthy processes, limited visibility across available policies and the difficulty of comparing different providers. By bringing the process into one digital platform, Soor seeks to offer customers a faster, more transparent and convenient insurance experience.
Licensed by the Central Bank of Bahrain, Soor also serves as a digital distribution channel for insurance companies, enabling providers to reach customers through an increasingly digital-first insurance ecosystem.
With the new capital, Soor plans to further develop its platform, improve the user experience and expand its partnerships with insurance providers. The company will also focus on strengthening its position in Bahrain while exploring opportunities to take its model into other regional markets.
The investment comes from Spring, a venture studio and ecosystem builder backed by London-based investment firm Salica and Bahrain’s Al Waha Fund of Funds. Spring supports technology companies developing solutions to address market inefficiencies and unlock new digital business models.
Soor’s funding reflects the continued development of Bahrain’s fintech and insurtech ecosystem, as startups increasingly look to modernise traditionally complex financial services and build digital products with the potential to scale across the wider GCC and MENA region.
