Egyptian Insurtech Startup Amenli Raises US$1 Million in Equity Funding to Boost Team Expansion
Egyptian Insurtech Startup Amenli Raises US$1 Million in Equity Funding to Boost Team Expansion
Egyptian startup Amenli has raised US$1 million in equity funding, to scale its North African operations.

Launched in 2020 by Adham Nauman, Omar Ezz El Din, and Shady ElTohfa, Amenli specialises in providing various insurance services, with a primary focus on medical, car, home, and business offerings. The startup, licensed by Egypt’s Financial Regulatory Authority (FRA), facilitates client claims with insurance companies on behalf of its customers.

The recent $1 million equity funding round, spearheaded by Alter Global, a prominent international VC firm with a focus on emerging markets, saw participation from Digital Venture Partners (DVP), the corporate VC arm of Qatar Insurance Company—one of the largest insurance groups in the MENA region.

The new capital will enable Amenli to expand its product line, cater to both existing and new customer segments, and explore new distribution channels to enhance efficiency and reach. The startup’s strategic emphasis on dominating the B2B2C space, leveraging its insurance API, aligns with its impressive five-fold growth compared to the same period last year. With the new capital infusion, Amenli is poised for accelerated growth in the dynamic insurtech landscape.

“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.

Author: Joanna England

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