Amenli, an Egyptian insurtech startup, has secured $1 million in equity funding to expand its team, enhance its product offerings, and strengthen its brand presence. The funding round was led by Alter Global, a renowned international venture capital firm, with participation from Digital Venture Partners, the corporate venture capital arm of Qatar Insurance Company.
Amenli was founded in 2020 and offers comprehensive insurance solutions, including medical, automotive, home, and business insurance. The startup also helps clients manage their claims with insurance companies.
The startup plans to use the funding to expand its team, develop new products, and strengthen its brand presence. Amenli is also focused on expanding its presence in the B2B2C sector by utilizing its insurance API.
“We are excited to partner with Alter Global and DVP, two leading investors in emerging markets,” said Shady El Tohfa, CEO of Amenli. “Their investment is a testament to our vision to revolutionize Egypt’s largely underpenetrated insurance market through technology and innovation.”
“We are impressed with Amenli’s vision to revolutionise Egypt’s largely underpenetrated insurance market,” said Allen Taylor, Partner at Alter Global. “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.”
Amenli has witnessed impressive growth in recent years, achieving a fivefold increase in revenue compared to the previous year’s same period. With the recently acquired funding, the startup anticipates a faster pace of expansion.
Amenli’s entry into the Egyptian insurtech space is a positive development for the country. The startup is well-positioned to address the unmet insurance needs of Egyptian businesses and consumers. Amenli’s focus on technology and innovation is also likely to disrupt the country’s traditional insurance industry.
The Insurtech will have a tremendous impact with effects such as; Increased access to insurance for individuals and businesses in Egypt, Lower insurance premiums for consumers, More innovative insurance products tailored to the needs of Egyptian consumers, More jobs created in the Egyptian insurance sector and Increased competition in the Egyptian insurance market
The startup is helping to make insurance more accessible and affordable for Egyptians, and it is also creating jobs and driving innovation in the industry.
