Egyptian insurtech startup Amenli has secured a $2.3 million funding round to enhance its growth and expand its innovative service offerings. The round was led by the European Bank for Reconstruction and Development Venture Capital arm (EBRD), with additional support from Y Combinator (YC), signaling strong investor confidence in Amenli’s mission to transform the insurance landscape in Egypt.
Founded in 2020 by Adham Nauman, Omar Ezz El Din, and Shady El Tohfa, Amenli is licensed by Egypt’s Financial Regulatory Authority (FRA). The company offers a comprehensive range of insurance products, including medical, car, home, and business coverage, while also managing claims with insurance providers on behalf of its customers.
Amenli plans to use the funds to accelerate growth through advanced technological solutions, diversify its distribution channels, and heavily invest in digitizing the customer experience. It also intends to leverage the FRA’s initiatives, such as eKYC and eSignature, to streamline its operations further.
With insurance penetration in Egypt currently among the lowest in the world, Amenli aims to drive this figure to 5%, unlocking a $20 billion market opportunity. Since its inception, the company has achieved significant growth, including a 14-fold year-on-year increase in retail distribution partnerships and a fivefold expansion of its SME offerings.
CEO and Co-Founder Shady El Tohfa expressed his excitement about the new funding, stating, “We are thrilled to have secured this investment from major global investors who share our vision for transforming the insurance industry in Egypt. This funding will enable us to accelerate growth and continue building technology to scale our business while significantly enhancing our customer experience.”
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Bruno Lusic of EBRD Venture Capital praised Amenli’s innovative approach and its potential in the Egyptian market. “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 opportunities for rapid growth as adoption of insurance increases over the coming years. We are convinced that Amenli is uniquely positioned to capitalize on that trend with its advanced technology and strong management team,” he said.
Co-Founder and CTO Adham Nauman highlighted Amenli’s focus on leveraging technology for scalability, including incorporating AI-driven innovations to enhance efficiency and customer satisfaction. By integrating advanced capabilities, the company aims to streamline operations and drive automation, positioning itself as a leader in the evolving insurance market.
Amenli continues to establish itself as a pivotal player in Egypt’s insurance sector, offering accessible and personalized products for individuals, families, and businesses. With this latest investment, the startup is well-positioned to tap into the vast market potential, supported by favorable economic conditions and regulatory advancements.
