Cairo-based insurtech startup Amenli has secured $2.3 mn in funding to support its expansion and enhance its offerings. The round was led by the European Bank for Reconstruction and Development (EBRD) Venture Capital arm, with participation from Y Combinator, an existing investor.
This funding will help us grow faster and develop the technology needed to scale while improving the customer experience
Shady El Tohfa, CEO at Amenli
Founded in 2020 by Adham Nauman, Omar Ezz El Din, and Shady El Tohfa, Amenli provides insurance solutions, including medical, car, home, and business coverage.
It also manages claims directly with insurance companies on behalf of its customers, aiming to streamline processes and improve the user experience. The company operates under a license from Egypt’s Financial Regulatory Authority (FRA).
This funding follows a $1 mn equity round in October 2023. The new capital will focus on expanding Amenli’s technology, diversifying distribution channels, and driving product development. Plans include digitizing the customer experience and utilizing FRA initiatives like electronic Know Your Customer (eKYC) and eSignature systems.
The company has built a robust technological infrastructure and a data-driven platform tailored for SMEs and individuals
Bruno Lusic of EBRD Venture Capital
As a Y Combinator alumnus, Amenli is positioning itself as a leader in Egypt’s emerging insurtech market.
“Egypt’s underdeveloped insurance market presents a significant growth opportunity as adoption increases. We believe Amenli is well-positioned to capitalize on this trend with its advanced technology and strong leadership”, Bruno Lusic of EBRD Venture Capital says.
