Egyptian insurtech startup Amenli has successfully concluded a $1 million equity funding round to support its team expansion, product development, and brand growth.

Founded in 2020 by Adham Nauman, Omar Ezz El Din, and Shady ElTohfa, Amenli offers a wide range of insurance products, with a particular focus on medical, car, home, and business insurance. The startup is also involved in handling client claims with insurance companies on behalf of their customers and is licensed by Egypt’s Financial Regulatory Authority (FRA).

Leading the $1 million funding round was Alter Global, a prominent international venture capital firm with a focus on emerging markets. Qatar Insurance Company's corporate VC arm, Digital Venture Partners (DVP), one of the largest insurance groups in the MENA region, also participated in the funding.

The investment will enable Amenli to introduce new products that cater to both existing and new customer segments, addressing unmet insurance needs. Additionally, it will facilitate the development of new distribution channels to enhance efficiency and market reach. The startup is strategically positioning itself in the B2B2C space, leveraging its insurance API. Having already grown fivefold compared to the same period last year, Amenli aims to accelerate its growth trajectory with the newly secured capital.

READ ALSO - SA Startup Cue Secures $500k to Advance AI-Powered Customer Service

Shady ElTohfa, CEO of Amenli, expressed his confidence in the company's vision, growth plans, and the support of prominent investors with extensive experience in the tech and insurance sectors, both regionally and globally.

Allen Taylor, a partner at Alter Global, expressed his excitement about the partnership with Amenli and praised the startup's vision for revolutionizing Egypt's relatively underpenetrated insurance market, which currently stands at less than one percent. Amenli has built the technological infrastructure to create strong distribution and product innovation advantages, enhancing the insurance experience for both individuals and SMEs.

This funding round underscores the significant validation and confidence in Amenli's mission and growth potential amid the current investment and economic environment.