Egyptian Insurtech company Amenli, has successfully closed a $1 million equity funding round led by Alter Global, with participation from Digital Venture Partners (DVP), the corporate venture capital arm of Qatar Insurance Corporation (QIC).
The funding will be used to expand Amenli’s team, enhance its product offerings, and strengthen its brand. Amenli, founded in 2020 by Adham Nauman, Omar Ezz El Din, and Shady ElTohfa, provides tailored insurance plans for individuals, families, and SMEs.
The company aims to revolutionise Egypt’s underpenetrated insurance market, which currently stands at less than 1%. Amenli plans to introduce new products, target new customer segments, and develop new distribution channels to maximize efficiency and reach. The company also aims to dominate the B2B2C space and solidify its position as a trusted and innovative leader in the industry.
Qatar Insurance Company (QIC) sees Amenli’s vision and approach as aligned with their strategy of fostering insurtech innovation in the MENA region.
Shady ElTohfa, CEO and Co-Founder of Amenli, highlighted the importance of this strategic move, stating that the funding round serves as a significant validation and a strong vote of confidence for Amenli, especially in the current investment and economic climate.
The support from notable investors such as Alter Global, QIC DVP, and Basil Al Moftah, who possess extensive experience in the tech and insurance sectors globally and regionally, has further strengthened their belief in the vision and plans for Amenli’s expansion and growth.
Othmane Bennis, Head of CVC at DVP, also emphasized Amenli’s technological capabilities, stating that Shady and the team have demonstrated exceptional execution skills in establishing a leading insurtech. By leveraging technology and a digital-first approach, Amenli aims to rapidly increase insurance accessibility in underserved markets, promoting financial inclusion and protection in the region.
ElTohfa added that their focus in the upcoming phase is on expanding the team, enhancing product offerings, and building a strong brand to provide unparalleled value to their clients. They are dedicated to offering tailored insurance solutions, empowering clients through accessible payment options like BNPL, streamlining the on-boarding and KYC process, and ensuring a seamless claims experience.