Egyptian insurtech broker Amenli has raised $2.3 million in a funding round led by the European Bank for Reconstruction and Development’s (EBRD) Venture Capital arm, with additional backing from Y Combinator (YC). The investment is aimed at advancing Amenli’s technological capabilities, scaling operations, and deepening market penetration in Egypt, a country with one of the world’s lowest insurance adoption rates.
Amenli plans to allocate the funds strategically to enhance its technological infrastructure, with a focus on integrating AI-driven innovations; diversify distribution channels to reach a broader customer base; expand product offerings for individuals, families, and SMEs; and everage Egypt’s regulatory frameworks for digital tools, such as eKYC and eSignature, to streamline onboarding and improve customer experience.
The startup, licensed by the Financial Regulatory Authority (FRA), also aims to support Egypt’s national goal of increasing insurance penetration. Egypt’s insurance market, currently at less than 1% penetration, is projected to grow significantly, with Amenli targeting a 5% penetration rate and a $20 billion market size.
In its pursuit of growth, Amenli has already achieved notable success, such as expanding SME product offerings by 5x and retail distribution partnerships by 14x year-on-year, while maintaining strong gross profit margins.
Why the Investors Committed
The decision by EBRD Venture Capital and Y Combinator to invest in Amenli reflects confidence in the company’s growth potential and its ability to disrupt Egypt’s insurance sector. Several critical factors informed their investment:
- Massive Market Potential:
Egypt’s population of over 110 million presents a large untapped market for insurance services. With insurance penetration at less than 1%, there is ample room for growth, particularly as the government implements reforms to promote the sector. Amenli’s focus on digitisation aligns with these efforts, making it a compelling investment target. - Strong Technological Infrastructure:
Amenli has developed a data-driven platform designed to streamline insurance distribution, making it accessible and user-friendly. The integration of AI and advanced analytics positions the company to offer scalable, personalised solutions to both individuals and SMEs. - Track Record of Growth:
Amenli’s ability to achieve exponential growth in distribution channels and product diversification demonstrates its operational efficiency and market relevance. These milestones provided assurance of the company’s capacity to deliver returns on investment. - Experienced Leadership:
Amenli’s founding team, led by Shady El Tohfa (CEO), Adham Nauman (CTO), and Omar Ezz El Din, has a proven ability to navigate the complexities of the Egyptian market. Their combined expertise in insurance and technology has been pivotal in executing the company’s growth strategies effectively. - Supportive Regulatory Environment:
The FRA’s push for digital tools such as eKYC and eSignature supports innovation in the insurance sector. Amenli’s alignment with these initiatives increases its likelihood of success in scaling operations and improving customer acquisition.
A Look at Amenli
Founded in 2020 by Adham Nauman, Omar Ezz El Din, and Shady El Tohfa, Amenli has emerged as a prominent player in Egypt’s nascent insurtech landscape. The startup’s mission is to democratise insurance access by offering affordable, tailored products for individuals, families, and SMEs.
- Core Markets: Amenli primarily operates in Egypt, leveraging its local expertise to address the unique challenges of low insurance awareness and adoption.
- Product Offerings: The company collaborates with leading insurance providers to deliver a range of personalised options, from life insurance to SME-focused products.
- Customer Experience: Amenli’s platform emphasises speed and convenience, with a digital-first approach that simplifies claims processing and policy management.
Amenli’s technology platform integrates AI-driven solutions to optimise customer experience and improve operational efficiency. By automating processes, the company can scale rapidly while maintaining high service standards.
Amenli’s long-term goal is to become the leading digital insurance provider in Egypt and expand its presence across the Middle East and North Africa (MENA). The new funding round positions the company to achieve these ambitions by strengthening its operational foundation and accelerating growth.
In the words of CEO Shady El Tohfa: “This funding will enable us to accelerate growth and continue building technology to scale our business while significantly enhancing customer experience. We are proud to contribute to the evolution of Egypt’s insurance market and empower more people to secure their future.”
With strong investor backing, a growing market, and a robust strategy, Amenli is poised to redefine how insurance is accessed and delivered in Egypt.