Amenli, an Egyptian insurtech startup, has completed a US$1 million equity investment round to support team growth, product development, and brand development.
One of the largest insurance groups in the MENA region, Qatar Insurance Company’s corporate VC arm Digital Venture Partners (DVP), joined Alter Global, a top worldwide VC company with a focus on emerging markets, in heading the funding round.
Amenli is a company that gives its clients all forms of insurance, with a focus on medical, car, house, and business solutions. It was founded in 2020 by Adham Nauman, Omar Ezz El Din, and Shady ElTohfa. On behalf of its clients, it also manages client claims with insurance carriers. The Egyptian Financial Regulatory Authority (FRA) has granted the startup a license.
I“This funding round is a substantial validator and a strong vote of confidence for Amenli, particularly amidst the current investment and economic environment. The backing of these prominent investors, who all possess extensive experience in the tech and insurance sectors regionally and globally, has reinforced our belief in the strength of our vision and in moving forward with our plans for Amenli’s expansion and growth,” said ElTohfa, Amenli’s CEO.
In order to meet unmet insurance needs, Amenli will be able to provide new products that target both existing and new consumer segments. It will also be able to create new distribution channels to increase efficiency and reach. Amenli will also focus on dominating the B2B2C market by utilizing its own insurance API. With the fresh funding on board, the startup expects to grow even more quickly than its 5X growth over the same period last year.
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