Amenli, a leading insurtech broker licensed by Egypt’s Financial Regulatory Authority (FRA), has raised $2.3 million in a new funding round aimed at accelerating its growth and redefining the insurance experience in Egypt. The investment, led by the European Bank for Reconstruction and Development (EBRD) Venture Capital arm with participation from Y Combinator (YC), signals strong investor confidence in Amenli’s innovative approach to expanding insurance access in emerging markets.
The insurtech broker has so far raised $5.7 million since inception. The last raise was $1 million in 2023 led by Alter Global, a distinguished international venture capital (VC) firm focusing on emerging markets.
Transforming Egypt’s Insurance Market
Egypt, a country of over 110 million people, remains one of the least insured nations globally, with insurance penetration rates hovering at a mere 1%. Amenli is tackling this gap with a bold vision to increase penetration to 5%, unlocking a $20 billion market opportunity.
“Amenli has built a robust technological and data-driven platform with a uniquely differentiated proposition for SMEs and individuals,” said Bruno Lusic of EBRD Venture Capital. “With Egypt’s largely untapped insurance market, we are confident that Amenli is well-positioned to lead the charge in accelerating insurance adoption.”
Strategic Use of Funds
The newly secured funds will be strategically deployed to:
- Enhance Technology Capabilities: Amenli plans to integrate AI-driven solutions to streamline processes, improve customer experience, and drive intelligent automation at scale.
- Expand Distribution Channels: The company aims to diversify its partnerships, further broadening its reach across Egypt’s vast and varied demographics.
- Invest in Product Development: A focus on digitizing the customer journey and simplifying processes like eKYC and eSignature, in line with FRA initiatives, will make insurance more accessible and convenient.
“We’re excited to accelerate growth with this investment,” said Shady El Tohfa, Amenli’s CEO and Co-Founder. “This funding allows us to scale our business and deliver a superior customer experience while contributing to the transformation of Egypt’s insurance sector.”
Impressive Growth and Impact
Since its inception, Amenli has achieved remarkable milestones, including:
- Growing its retail distribution partnerships 14X year-on-year.
- Increasing its SME offerings fivefold.
- Maintaining strong gross profit margins while expanding its customer base.
These achievements highlight Amenli’s focus on combining advanced technology with personalized service to meet the needs of individuals, families, and businesses.
Co-Founder and CTO Adham Nauman added, “By leveraging AI, we’re amplifying operational efficiencies and unlocking new growth opportunities. This positions us at the forefront of delivering impactful, data-driven solutions in the insurance industry.”
A Bright Future Ahead
Amenli’s success aligns with Egypt’s growing economic stability and regulatory support for financial innovation. By offering tailored, accessible insurance products, Amenli is not only transforming how insurance is distributed but also fostering financial inclusion for millions of Egyptians.
As Amenli continues to expand its operations and embrace cutting-edge technologies, it is poised to redefine the insurance landscape in Egypt, bridging the gap between underinsured populations and the formal financial ecosystem. With this funding, the company is taking bold strides toward achieving its mission of creating a more inclusive, efficient, and customer-centric insurance market.
