Avidea Insurance raises $696,000 for Expansion

Tunisian digital insurance startup, Avidea, has announced it raised $696k in a Pre-Series A funding round to hire more talent, expand the product’s functional scope, and expand to new markets.

The investment round was led by Capsa Capital Partners, a private equity firm and vehicle 216 Capital Fund.

Avidea was founded in 2017 to assist insurance companies in lowering the cost of automotive claims while improving the customer experience. The startup specializes in the digitalization of vehicle claims handling and anti-fraud.

By way of its DigiClaim solution, Avidea allows insurance companies to digitize the entire customer journey. In this way, they can offer the various claim management stakeholders a document exchange platform. In addition, the platform offers instant messages to stakeholders.

Also, using its Digifraud platform, Avidea brings together more than 70 fraud management rules. This is based on artificial intelligence to process vehicle photos to detect suspicious claims automatically.

The funding will add additional talent to the Avidea team and expand the product’s functional scope. The startup will also hunt for new markets as the company enters a critical phase of industrialization and internalization.