Egyptian insurtech startup, Amenli closes $2.3 million Seed round

The YC-backed startup, Amenli has announced a $2.3 million Seed round investment to scale its operations, expand its team, and provide insurance services for Egyptians.

Several local and foreign firms invested in the round which was co-led by P1 Ventures, GFC, and Anim Fund (Founders Fund scout fund). While Costanoa VC, Liquid2 Ventures, Cliff Angels, and other angel investors participated.

Founded in 2020 by Omar Ezz El-Din, Shady El Tohfa, and Adham Nauman, Amenli aims to provide Egypt’s 50 million adults in the middle-income pool with instant insurance quotations and policies. The Egyptian insurance market is valued at $2 billion and Amenli seeks to address this large untapped market.

Africa’s insurance penetration rate is at 3 to 5 per cent with South Africa having the greatest number of insured. The insurance industry remains conservative and the least disrupted by technology. Notable insurance startups that have raised funding are Ctrl, Naked, Lami Technologies, among others.

Speaking to TechCrunch, CTO Nauman describes Amenli’s partnership with consumers as a way of making insurance companies strike partnerships that provide consumers with instant quotations and different policies.

Prior to Amenli, El Tohfa and Nouman founded the fintech Paymob. Their interest in the insurance industry arose from continuous research and interest.

The new funding will be used to expand Amenli’s team, scale rapidly and acquire more customers in a market expected to grow at CAGR of 7 per cent per annum within the next five years.