Amenli, a leading insurtech broker licensed by the Financial Regulatory Authority in Egypt (FRA), has secured a new funding round of $2.3 million aimed at accelerating its growth and enhancing its service offerings. The investment was led by the European Bank for Reconstruction and Development Venture Capital arm (EBRD) and includes a follow-on investment from Y Combinator (YC), underscoring a strong vote of confidence in Amenli’s innovative approach to disrupting insurance distribution in emerging markets.
The funds will be strategically allocated to boost growth through evolving technological capabilities and solutions, diversify distribution channels, heavily invest in product development to digitise the customer experience, and leverage the FRA’s initiatives towards eKYC and eSignature.
With a huge population of more than 110 million people, Egypt has one of the lowest insurance penetration rates globally, and Amenli aims to help increase insurance penetration across Egypt to 5% to reach $20 billion market size.
Since its inception, Amenli has achieved significant milestones, including diversifying its acquisition channels and growing it’s retail distribution partnerships by 14X YoY. The company has also increased its SME offerings by 5X and maintained robust gross profit margins.
“We are delighted to support Amenli as it embarks on its next phase of growth,” said Bruno Lusic, EBRD Venture Capital. “The company has created a great technological infrastructure and data-driven platform with a uniquely differentiated proposition for SMEs and individuals. Egypt’s largely unpenetrated insurance sector offers vast opportunity for rapid growth as adoption of insurance increases over the coming years. We are convinced that Amenli is uniquely positioned to capitalise on that trend with its advanced technology and strong management team.”
“We are thrilled to have secured this investment from major global investors who share our vision for transforming the insurance industry in Egypt,” said Shady El Tohfa, CEO and Co-Founder of Amenli. “This funding will enable us to accelerate growth and continue building technology to enable scaling our business while significantly enhancing our customer experience.”
Co-Founder and CTO of Amenli, Adham Nauman, added, “With our technology infrastructure firmly established, we’re now focused on evolving it with advanced capabilities, including AI-driven innovations. This approach allows us to amplify efficiencies within our operations, elevate the customer experience, and drive intelligent automation at scale. By integrating AI, we’re not only streamlining our processes but also unlocking new possibilities for growth across strategic verticals, positioning us at the forefront of impactful, data-driven solutions.”
Amenli has quickly established itself as a key player in the Egyptian insurance landscape by providing a wide range of accessible insurance products tailored for individuals, families, and SMEs. The company focuses on speed, convenience, and personalisation, working with top insurance providers to deliver an efficient and seamless claims experience.
With a keen eye on the future, Amenli is poised to tap into the expanding market potential, driven by favourable economic conditions and regulatory support for the insurance sector.