Amenli, an Egyptian insurance startup, has announced a $2.3 million seed round to provide insurance services for Egyptians.
A couple of local and foreign firms invested in the round — co-lead investors P1 Ventures, GFC, and Anim Fund (Founders Fund scout fund), with Costanoa VC, Liquid2 Ventures, Cliff Angels, and other angel investors participating.
Founded by Shady El Tohfa, Omar Ezz El Din and Adham Nauman in 2020, Amenli is the first licensed online insurance broker in Egypt.
Amenli which was part of the Y Combinator Summer 2021 class has experienced increased revenue since graduating. El Tohfa says the company has tripled its revenue since graduating from the accelerator. While policies sold also increased, customers didn’t grow as much since they are mostly repeat customers who use multiple policies at once, the CEO said.
The platform issues more than 500 policies in less than 10 mins compared to the minimum of three-week industry standard. The numbers look impressive; however, the founders still think the company is still on the path to finding product-market fit.
“Right now, we are still trying to prove that there is demand in the market for selling insurance because there was no benchmark and we did not know if people would receive the insurance online,” he said.
“Everyone would say that in Egypt, people do not want to understand or buy insurance. But what we found is that educated people in the middle-income segment are aware of insurance, understand it and want to buy it, even though it wasn’t accessible to them before.”