Egypt-based insurtech Amenli, has closed a brand new $1 million fairness funding spherical led by Alter International with participation from Qatar Insurance coverage Company’s (QIC) company VC arm Digital Enterprise Companions (DVP).
The brand new funding is aimed to increase the corporate’s staff, strengthen its product choices and construct a sturdy branFounded in 2020 by Adham Nauman, Omar Ezz El Din, and Shady ElTohfa, Amenli supplies people, households, and SMEs with tailor-made insurance policy that match their wants.
Allen Taylor, Associate at Alter International, stated “We’re excited to accomplice with Shady and the Amenli staff and to announce our second funding in Egypt,” shared Allen Taylor, Associate at Alter International. “We’re impressed with Amenli’s imaginative and prescient to revolutionise Egypt’s largely underpenetrated insurance coverage market, which at the moment stands at lower than 1%. Amenli has constructed the technological infrastructure to create robust distribution and product innovation benefits, thereby enhancing the insurance coverage expertise for each people and SMEs alike.”
The fund will permit Amenli to introduce new merchandise focusing on each present and new buyer segments to fulfill their unmet insurance coverage wants in addition to develop new distribution channels to maximise effectivity and attain. Moreover, Amenli will concentrate on dominating the B2B2C area, capitalizing on their very own Insurance coverage API, to solidify its place as a trusted and modern chief within the trade and stay on observe to realize its 2024 imaginative and prescient.
On their imaginative and prescient and the way Amenli matches their technique, Lars Gehrmann, Group Chief Digital Officer at Qatar Insurance coverage Firm (QIC), stated “As per Digital Enterprise Companions (DVP)’s Company Enterprise Capital (CVC) dedication to fostering insurtech innovation by way of early-stage funding inside MENA, we’re thrilled to empower Amenli’s progress and modern method to insurance coverage in Egypt and past”.
The funding comes at a time when the corporate has grown 5X in comparison with the identical interval final yr on account of its concentrate on product providing and Amenli’s core platform expertise rising effectivity and influence. With constructive unit economics throughout the retail enterprise, together with people and SMEs, and exceeding focused gross revenue margins by 100% in H1 2023, Amenli is now directing its efforts in direction of increasing the enterprise, attaining profitability, and producing constructive money move.
CEO and Co-Founding father of Amenli, Shady ElTohfa emphasised the importance of this strategic step, stating, “This funding spherical is a considerable validator and a robust vote of confidence for Amenli, significantly amidst the present funding and financial setting. The backing of those outstanding investors- Alter International, QIC DVP and Basil Al Moftah, who all possess in depth expertise within the tech and insurance coverage sectors regionally and globally, has bolstered our perception within the power of our imaginative and prescient and in shifting ahead with our plans for Amenli’s enlargement and progress.”
Othmane Bennis, Head of CVC at DVP, additional emphasised the technological capabilities of Amenli by including, “Shady and staff have demonstrated relentless execution capabilities in establishing a number one insurtech. By leveraging expertise and a digital-first mannequin, and constructing on the robust traction they’ve in Egypt, Amenli is ready to quickly increase insurance coverage entry throughout underserved markets, driving monetary inclusion and safety within the area.”
ElTohfa commented “In the course of the upcoming part, we’re targeted on increasing our staff, strengthening our product choices and constructing a sturdy model to ship unmatched worth to our purchasers. Our devoted efforts revolve round offering tailor-made insurance coverage options to our shopper base, empowering them by way of accessible fee choices similar to BNPL, handy onboarding and KYC course of, and guaranteeing a seamless claims course of.”