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Egyptian insurtech startup Amenli has raised a US$2.3 million funding round aimed at accelerating its growth and enhancing its service offerings.
Founded in 2020 by Adham Nauman, Omar Ezz El Din and Shady El Tohfa, 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).
A Y Combinator alumnus, Amenli raised a US$1 million equity funding round in October 2023 and has now followed that up with a US$2.3 million round led by the European Bank for Reconstruction and Development Venture Capital arm (EBRD). The investment, which includes a follow-on from Y Combinator, will be used to boost growth through evolving technological capabilities and solutions.
Amenli will also diversify distribution channels, heavily invest in product development to digitise the customer experience, and leverage the FRA’s initiatives towards eKYC and eSignature.
“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 he was delighted to support Amenli as it embarked on its next phase of growth.
“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,” he said.