Egyptian insurtech startup Amenli raises $1m equity funding round to help it expand its team, further build its product and grow its brand.
Founded in 2020 by Adham Nauman, Omar Ezz El Din and Shady ElTohfa, Amenli offers its clients all types of insurance, with a focus on medical, car, home and business offerings. It also handles client claims with insurance companies on behalf of their customers. The startup is licensed by Egypt’s Financial Regulatory Authority (FRA).
The US$1 million funding round was led by Alter Global, a leading international VC firm focused on emerging markets, with participation from the Qatar Insurance Company’s corporate VC arm Digital Venture Partners (DVP), one of the biggest insurance groups in the MENA region.
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What the funding will be used for
The funding will allow Amenli to introduce new products targeting both existing and new customer segments to satisfy unmet insurance needs as well as develop new distribution channels to maximise efficiency and reach. Furthermore, Amenli will focus on dominating the B2B2C space, capitalising on its own insurance API. The startup has grown 5X compared to the same period last year, and plans to grow faster with the new capital on board.
“This funding round is a substantial validator and a strong vote of confidence for Amenli, particularly amidst the current investment and economic environment. The backing of these prominent investors, whom all possess extensive experience in the tech and insurance sectors regionally and globally, has reinforced our belief in the strength of our vision and in moving forward with our plans for Amenli’s expansion and growth,” said ElTohfa, Amenli’s CEO.
Allen Taylor, partner at Alter Global, said he was excited to partner with Amenli.
“We are impressed with Amenli’s vision to revolutionise Egypt’s largely underpenetrated insurance market, which currently stands at less than one per cent. Amenli has built the technological infrastructure to create strong distribution and product innovation advantages, thereby enhancing the insurance experience for both individuals and SMEs alike,” he said.
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