Amenli, an Egyptian insurtech startup, has closed a new $1 million equity funding round led by Alter Global, a Venture Capital firm focused on emerging markets represented, with participation from Qatar Insurance Corporation’s (QIC) corporate VC arm Digital Venture Partners (DVP).
Amenli was founded in 2020 by Adham Nauman, Omar Ezz El Din and Shady Tohfa, providing a wide range of affordable and accessible insurance products to serve individuals, families and SMEs and liaising with insurance companies to handle client claims in an efficient and swift manner.
The fund will allow Amenli to introduce new products targeting both existing and new customer segments to satisfy their unmet insurance needs as well as develop new distribution channels to maximize efficiency and reach. Furthermore, Amenli will focus on dominating the B2B2C space, capitalizing on its own Insurance API, to solidify its position as a trusted and innovative leader in the industry and remain on track to achieve its 2024 vision.
CEO and Co-Founder of Amenli, Shady ElTohfa emphasised the significance of this strategic step, stating, “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- Alter Global, QIC DVP and Basil Al Moftah, 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.”
ElTohfa announced that “During the upcoming phase, we are focused on expanding our team, strengthening our product offerings and building a robust brand to deliver unmatched value to our clients. Our dedicated efforts revolve around providing tailored insurance solutions to our client base, empowering them through accessible payment options such as BNPL, convenient onboarding and KYC process, and ensuring a seamless claims process.”
Allen Taylor, Partner at Alter Global, shared regarding the decision to venture further into the Egyptian ecosystem “We are excited to partner with Shady and the Amenli team and to announce our second investment in Egypt,” shared Allen Taylor, Partner at Alter Global.
“We are impressed with Amenli’s vision to revolutionise Egypt’s largely underpenetrated insurance market, which currently stands at less than 1%. Amenli has built the technological infrastructure to create strong distribution and product innovation advantages, thereby enhancing the insurance experience for both individuals and SMEs alike.”
On their vision and how Amenli fits their strategy, Lars Gehrmann, Group Chief Digital Officer at Qatar Insurance Company (QIC), said: “As per Digital Venture Partners (DVP)’s Corporate Venture Capital (CVC) commitment to fostering insurtech innovation through early-stage investment within MENA, we’re thrilled to empower Amenli’s growth and innovative approach to insurance in Egypt and beyond”.
