The startup offers life, medical and motor insurance to underserved Egyptians or those overlooked by the largely B2B insurance market.
Y Combinator graduate and Egyptian insurance provider Amenli has secured a $2.3 million seed round co-led by P1 Ventures, GFC, and Anim Fund with participation from Costanoa VC, Liquid2 Ventures, Cliff Angels and other angel investors.
Amenli, the first licensed digital insurance broker in Egypt, taps into a $2 billion insurance market in Egypt, offering life, medical and motor insurance to underserved Egyptians or those overlooked by the largely B2B insurance market. Amenli has gathered legacy calculations, configured a model to serve these quotes early and built its own infrastructure. It also offers APIs to other insurance companies.
Founded by Shady El Tohfa, Omar Ezz El Din and Adham Nauman in 2020, Amenli participated in the Y-Combinator Summer 2021 programme and, since graduating, has tripled its revenue and increased policies sold. The platform is capable of issuing more than 500 policies in less than 10 mins compared to the typical three-week industry standard.
“Right now, we are still trying to prove that there is demand in the market for selling insurance because there was no benchmark and we did not know if people would receive the insurance online,” said E Tohfa, who also serves as the CEO. “Everyone would say that in Egypt, people do not want to understand or buy insurance. But what we found is that educated people in the middle-income segment are aware of insurance, understand it and want to buy it, even though it wasn’t accessible to them before.”
Amenli is now ready to use the new funding to expand its team, scale quickly and acquire more of a market that is increasingly growing.