Watson Farley & Williams (“WFW”) has advised a group of German investors on a venture capital investment in Iranian start-up Azki.com.
Azki.com is a new online Iranian insurance comparison platform where users can rate, comment on, compare and purchase products from providers. The site will also be expanding into other sectors going forward.
Currently, the vast majority of insurance products in Iran are sold via agents and brokers, with online sales accounting for less than 1% of sales nationally. Given Iran’s young population and extremely high internet penetration rates, there is clearly huge potential for Azki’s online services.
The WFW Germany team advising the investors was led by Corporate Partner Ahmad Khonsari.
Ahmad comments: “We are delighted to have been able to provide our clients with both first rate M&A advice and an in-depth knowledge of the Iranian market. This is one of a number of investments into Iran WFW has advised on recently and demonstrates that the firm’s Iran Group continues to go from strength to strength”.