Egyptian insurtech innovator, Amenli, has successfully concluded a substantial $1 million equity funding round, with Alter Global at the helm, and support from Qatar Insurance Corporation’s (QIC) corporate VC arm, Digital Venture Partners (DVP). This promising startup, founded in 2020 by Adham Nauman, Omar Ezz El Din, and Shady ElTohfa, has been making waves by tailoring insurance plans for individuals, families, and SMEs in alignment with their specific needs.
The funding injection is set to catapult Amenli into a new growth phase. It will empower the company to amplify its workforce, enhance its product portfolio, and bolster its brand presence in the market.
Alter Global, a distinguished international VC firm focusing on emerging markets, led the funding round with notable enthusiasm. Represented in the region by Heba Ahmad, Alter Global expressed excitement about partnering with Shady and the Amenli team and announced their second investment in Egypt. Allen Taylor, a Partner at Alter Global, articulated their admiration for Amenli’s vision to transform Egypt’s presently underserved insurance sector, where penetration remains below 1%. Taylor remarked that Amenli has already constructed a robust technological infrastructure, providing them with a competitive edge in distribution and product innovation, thereby elevating the insurance experience for both individuals and SMEs.
Amenli has earned the endorsement of the Financial Regulatory Authority in Egypt (FRA) and has made accessible a wide array of affordable insurance products, catering to individuals, families, and SMEs. Moreover, the company has established smooth channels for handling client claims, ensuring efficiency and expeditious service.
With the infusion of funds, Amenli is gearing up to introduce new products that cater to both existing and emerging customer segments, addressing previously unmet insurance requirements. The company also plans to diversify its distribution channels to maximize efficiency and outreach. Furthermore, Amenli will intensify its focus on the B2B2C sector, leveraging its proprietary Insurance API to solidify its reputation as a trustworthy and innovative leader within the industry, staying true to its 2024 vision.
Lars Gehrmann, Group Chief Digital Officer at Qatar Insurance Company (QIC), commented on the alignment of Amenli’s vision with DVP’s Corporate Venture Capital (CVC) commitment to promoting insurtech innovation through early-stage investments within MENA. He expressed QIC’s eagerness to support Amenli’s growth and inventive approach to insurance in Egypt and beyond.
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Amenli’s decision to secure additional funding coincides with a pivotal moment in the company’s trajectory. They have experienced remarkable growth, expanding fivefold in comparison to the same period in the previous year. This achievement is attributed to their commitment to product quality and the increased efficiency and impact delivered by Amenli’s core platform technology. With strong unit economics across their retail business, which includes services for both individuals and SMEs, they have exceeded targeted gross profit margins by an impressive 100% in H1 2023. Consequently, Amenli is shifting its focus towards business expansion, profitability, and positive cash flow generation.
Shady ElTohfa, CEO and Co-Founder of Amenli, underscored the significance of this strategic milestone, describing the funding round as a substantial validation and a resounding vote of confidence for the company. He emphasized that the backing of prominent investors, including Alter Global, QIC DVP, and Basil Al Moftah, all of whom possess extensive experience in the tech and insurance sectors, reinforces their belief in Amenli’s vision and their ambitious expansion plans.
Othmane Bennis, Head of CVC at DVP, highlighted Amenli’s technological prowess, lauding the company for establishing itself as a prominent insurtech player. Through a tech-driven, digital-first approach and building on their substantial traction in Egypt, Amenli is poised to rapidly expand access to insurance in underserved markets, thereby advancing financial inclusion and security in the region.
Shady ElTohfa also shared his vision for the future, stating, “During the upcoming phase, we are focused on expanding our team, strengthening our product offerings, and building a robust brand to deliver unmatched value to our clients. Our dedicated efforts revolve around providing tailored insurance solutions to our client base, empowering them through accessible payment options such as BNPL, convenient onboarding, and KYC processes, and ensuring a seamless claims process.” Amenli is well-positioned to revolutionize the insurance landscape in Egypt and beyond, and this funding round marks a significant step in that direction.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard