Amidst the current challenging investment and economic climate in Africa, some startups are still seizing remarkable funding opportunities.
One such success story is Amenli, an Egyptian insurtech startup that recently secured a substantial equity funding round of $1 million to expand the team, further refine its product offerings, and fortify its brand presence.
Founded in 2020 by Adham Nauman, Omar Ezz El Din, and Shady ElTohfa, Amenli specializes in providing comprehensive insurance solutions. With a primary focus on medical, automotive, home, and business insurance, the startup also extends its services to managing client claims with insurance companies, operating under the official authorization of Egypt's Financial Regulatory Authority (FRA).
The $1 million funding round was masterminded by Alter Global, a prominent international venture capital firm with a strong dedication to emerging markets. Additionally, it witnessed the active participation of Digital Venture Partners (DVP), the corporate venture capital arm of the Qatar Insurance Company, one of the largest insurance conglomerates in the MENA region.
This infusion of funds holds significant promise for Amenli, as it plans to introduce innovative insurance products that cater to existing and emerging customer segments.
With a commitment to addressing unmet insurance needs, the startup will also embark on establishing novel distribution channels, optimizing efficiency, and broadening its market reach. Notably, Amenli is determined to expand its footprint in the B2B2C sector, leveraging its insurance API.
So far the startup has experienced remarkable growth, marking a fivefold increase compared to the same period in the previous year, and with the newly acquired capital, it anticipates accelerated expansion.