Amenli Raises $2.3M to Revolutionize Egypt’s Insurance Industry
Amenli, a leading insurtech broker licensed by Egypt’s Financial Regulatory Authority (FRA), has raised $2.3 million in a funding round aimed at transforming Egypt’s insurance sector. The funding, led by the European Bank for Reconstruction and Development (EBRD) Venture Capital arm with participation from Y Combinator (YC), underscores growing investor confidence in Amenli’s innovative approach to making insurance more accessible in emerging markets.
Building on a Strong Funding Foundation
With this round, Amenli has now raised $5.7 million since its inception. Its previous funding in 2023 brought in $1 million, led by Alter Global, a prominent venture capital firm specializing in emerging markets.
Tackling Egypt’s Insurance Gap
Egypt, a nation of over 110 million people, has one of the world’s lowest insurance penetration rates at just 1%. Amenli aims to address this gap by increasing penetration to 5%, which could unlock a $20 billion market opportunity.
“Amenli has built a robust technological and data-driven platform with a uniquely differentiated proposition for SMEs and individuals,” said Bruno Lusic of EBRD Venture Capital. “With Egypt’s untapped insurance market, we are confident Amenli will drive significant adoption.”
Strategic Deployment of Funds
The newly raised capital will be channeled into key areas:
- Enhancing Technology: Integrating AI-driven solutions to streamline processes, improve customer experience, and scale intelligent automation.
- Expanding Distribution Channels: Broadening partnerships to reach Egypt’s diverse demographic landscape.
- Product Development: Digitizing processes such as eKYC and eSignatures to align with FRA regulations, making insurance more accessible and user-friendly.
“We’re excited to accelerate our growth with this investment,” said Shady El Tohfa, Amenli’s CEO and Co-Founder. “This funding enables us to scale our business, deliver exceptional customer experiences, and transform Egypt’s insurance industry.”
Impressive Growth and Market Impact
Since its launch, Amenli has achieved remarkable milestones:
- Expanded retail distribution partnerships 14X year-on-year.
- Increased SME product offerings fivefold.
- Maintained strong gross profit margins while growing its customer base.
These accomplishments underscore Amenli’s commitment to combining advanced technology with personalized services to meet the needs of individuals, families, and businesses.
Positioning for the Future
Co-Founder and CTO Adham Nauman emphasized the company’s focus on innovation: “By leveraging AI, we’re amplifying operational efficiencies and unlocking new growth opportunities. This positions us at the forefront of delivering impactful, data-driven solutions in the insurance industry.”
As Amenli accelerates its mission to redefine insurance in Egypt, the company continues to build a model for insurtech innovation that can inspire markets worldwide.