Egyptian insurtech startup Amenli secured $1 M Equity funding to boost growth

Ila Dhond13/10/2023

192 1 minute read

Amenli, an Egyptian insurtech startup, has closed a US $1 million equity funding round to support the growth of its team, the development of its product, and the expansion of its brand.

Amenli is an insurance company that specializes in providing medical, car, home, and business insurance. It was founded in 2020 by Adham Nauman, Omar Ezz El Din, and Shady ElTohfa. Additionally, it represents their clients’ interests when filing client claims with insurance companies. The Financial Regulatory Authority (FRA) of Egypt has granted the startup a license.

The Qatar Insurance Company’s corporate VC arm Digital Venture Partners (DVP), one of the largest insurance groups in the MENA region, participated in the US $1 million funding round, which was led by Alter Global, a top international VC firm specializing in emerging markets.

Amenli will be able to use the funding to launch new products that will cater to both current and potential customer segments in order to fill unmet insurance needs and create new distribution channels that will increase effectiveness and reach. Amenli will also capitalize on its own insurance API to dominate the B2B2C market. With the additional funding, the startup expects to grow five times as quickly as it did during the same period last year.

“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, who 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.

Partner at Alter Global Allen Taylor expressed his excitement about working with Amenli.

“We are impressed with Amenli’s vision to revolutionise Egypt’s largely underpenetrated insurance market, which currently stands at less than one percent. 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.