A new $2.3 million funding round has been secured by Amenli, a prominent insurtech broker licensed by the Financial Regulatory Authority in Egypt (FRA), with the goal of expanding its service offerings and speeding up its growth. A strong vote of confidence in Amenli’s creative strategy to upend insurance distribution in emerging markets is demonstrated by the investment, which was spearheaded by the European Bank for Reconstruction and Development Venture Capital arm (EBRD) and included a follow-on investment from Y Combinator (YC).
Strategically, the funds will be used to diversify distribution channels, increase growth through evolving technological capabilities and solutions, heavily invest in product development to digitize the customer experience, and take advantage of the FRA’s eKYC and eSignature initiatives.
Amenli wants to help raise insurance penetration in Egypt to 5% in order to reach a $20 billion market size. With a population of over 110 million, Egypt has one of the lowest insurance penetration rates in the world.
Amenli has accomplished a number of noteworthy milestones since its founding, such as expanding its retail distribution partnerships by 14X year over year and diversifying its acquisition channels. Along with maintaining strong gross profit margins, the company has expanded its SME offerings by five times.
“We are delighted to support Amenli as it embarks on its next phase of growth,” said Bruno Lusic, EBRD Venture Capital. “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. We are convinced that Amenli is uniquely positioned to capitalise on that trend with its advanced technology and strong management team.”
“We are thrilled to have secured this investment from major global investors who share our vision for transforming the insurance industry in Egypt,” said Shady El Tohfa, CEO and Co-Founder of Amenli. “This funding will enable us to accelerate growth and continue building technology to enable scaling our business while significantly enhancing our customer experience.”
Co-Founder and CTO of Amenli, Adham Nauman, added, “With our technology infrastructure firmly established, we’re now focused on evolving it with advanced capabilities, including AI-driven innovations. This approach allows us to amplify efficiencies within our operations, elevate the customer experience, and drive intelligent automation at scale. By integrating AI, we’re not only streamlining our processes but also unlocking new possibilities for growth across strategic verticals, positioning us at the forefront of impactful, data-driven solutions.”
Due to its extensive selection of easily accessible insurance products designed for individuals, families, and small businesses, Amenli has rapidly become a major force in the Egyptian insurance market. Working with leading insurance companies, the company prioritizes speed, convenience, and personalization to provide a smooth and effective claims process.
Amenli is well-positioned to capitalize on the growing market potential, which is being propelled by favorable economic conditions and regulatory backing for the insurance industry, due to its attentive focus on the future.
