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Amenli, an Egyptian insurtech startup, has raised US$2.3 million in a funding round to expand its service offerings and speed up expansion.
The European Bank for Reconstruction and Development Venture Capital arm (EBRD) led the funding round. The investment includes Y Combinator’s follow-on.
Amenli, which was founded in 2020 by Adham Nauman, Omar Ezz El Din, and Shady El Tohfa, provides various kinds of insurance to its customers, with a particular emphasis on business, home, auto, and medical coverage. On behalf of its clients, it also manages client claims with insurance carriers. The startup has obtained a license from the Financial Regulatory Authority (FRA) of Egypt.
Amenli will also use the FRA’s eKYC and eSignature initiatives, expand its distribution channels, and make significant investments in product development to digitize the customer experience.
El Tohfa, CEO of Amenli, stated, “We are thrilled to have secured this investment from major global investors who share our vision for transforming the insurance industry in Egypt. This funding will enable us to accelerate growth and continue building technology to enable scaling our business while significantly enhancing our customer experience.”
EBRD Venture Capital’s Bruno Lusic expressed his delight at being able to assist Amenli as it enters its next stage of expansion.
“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 opportunities for rapid growth as the adoption of insurance increases over the coming years. We are convinced that Amenli is uniquely positioned to capitalize on that trend with its advanced technology and strong management team,” Lusic said.
The additional funds will be used to advance technical solutions and capabilities to drive growth.
Read more on Tech Gist Africa:
Qara, an Egyptian supply chain startup, has raised $2.6 million in a funding round
Efreshli, an Egyptian interior design startup, has raised seed funding
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