Egyptian insurtech broker Amenli has raised $2.3 million in a funding round led by the European Bank for Reconstruction and Development’s (EBRD) Venture Capital arm, with support from Y Combinator (YC). This new funding marks a significant step in Amenli’s mission to redefine Egypt’s insurance market, one of the least penetrated globally, with adoption rates below one percent.
The funding will be strategically deployed to strengthen Amenli’s technological capabilities, scale operations, and expand market reach. The startup plans to integrate AI-driven innovations, enhance distribution channels, and streamline customer onboarding using digital tools such as eKYC and eSignature, all underpinned by Egypt’s supportive regulatory framework.
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Licensed by the Financial Regulatory Authority (FRA), Amenli is committed to contributing to Egypt’s national objective of increasing insurance penetration. The company aims to raise the rate to five percent and grow the market size to $20 billion, addressing critical gaps in insurance awareness and accessibility.
Since its inception in 2020, Amenli has significantly scaled its operations. The company has expanded SME product offerings fivefold and increased retail distribution partnerships by 14 times year-on-year, all while maintaining strong gross profit margins. This growth trajectory demonstrates Amenli’s ability to disrupt traditional insurance models through technology and customer-centric innovations.
Why investors are backing Amenli
EBRD Venture Capital and Y Combinator’s decision to invest in Amenli underscores confidence in the startup’s ability to tap into Egypt’s vast market potential. Egypt’s population of over 110 million provides a large, underserved audience for insurance services, and Amenli’s focus on digitisation aligns with government reforms aimed at modernising the sector.
Amenli’s data-driven platform, powered by AI and advanced analytics, offers scalable and personalised insurance solutions for individuals and SMEs. This technological infrastructure, combined with the company’s impressive track record of growth, assures investors of returns.
The startup’s leadership team, comprising CEO Shady El Tohfa, CTO Adham Nauman, and Co-Founder Omar Ezz El Din, also played a pivotal role in securing investor confidence. Their expertise in navigating Egypt’s complex market dynamics has been instrumental in executing Amenli’s growth strategies.
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A vision for democratising insurance
Amenli’s mission is to democratise access to insurance by offering affordable, tailored products for individuals, families, and small businesses. By collaborating with leading insurance providers, the company delivers a wide range of personalised options, from life insurance to SME-focused products.
CEO Shady El Tohfa emphasised the transformative potential of this funding: “This funding will enable us to accelerate growth and continue building technology to scale our business while significantly enhancing customer experience. We are proud to contribute to the evolution of Egypt’s insurance market and empower more people to secure their future.”
With strong investor backing and a clear strategy, Amenli aims to expand its operations beyond Egypt, targeting the broader Middle East and North Africa (MENA) region. As it continues to grow, Amenli is poised to set new benchmarks for insurtech innovation and redefine how insurance is accessed and delivered in emerging markets.
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