The round was led by the European Bank for Reconstruction and Development (EBRD) Venture Capital arm, with additional support from existing investor Y Combinator.
Founded in 2020 by Adham Nauman, Omar Ezz El Din, and Shady El Tohfa, Amenli provides a wide range of insurance solutions, including medical, car, home, and business coverage. The startup also manages claims with insurance companies on behalf of its customers, offering a streamlined and customer-focused experience. Amenli is licensed by Egypt’s Financial Regulatory Authority (FRA).
This latest funding follows a $1 million equity round in October 2023 and will be used to expand Amenli’s technological capabilities, diversify its distribution channels, and invest heavily in product development. The startup aims to digitize the customer experience and leverage FRA initiatives such as electronic Know Your Customer (eKYC) and eSignature systems.
As a Y Combinator alumnus, Amenli continues to build on its momentum, positioning itself as a leader in Egypt’s growing insurtech sector. The new investment underscores the startup’s commitment to innovation and its mission to transform how insurance is accessed and managed in the region.
“We are thrilled to have secured this investment from major global investors who share our vision for transforming the insurance industry in Egypt,” said El Tohfa, Amenli’s CEO. “This funding will enable us to accelerate growth and continue building technology to enable scaling our business while significantly enhancing our customer experience.”
Bruno Lusic of EBRD Venture Capital said “The company has created a great technological infrastructure and data-driven platform with a uniquely differentiated proposition for SMEs and individuals. Egypt’s largely unpenetrated insurance sector offers vast opportunity for rapid growth as adoption of insurance increases over the coming years.”
Lusic added: “We are convinced that Amenli is uniquely positioned to capitalise on that trend with its advanced technology and strong management team.”
