Egyptian Insurtech Startup Amenli Closed USD 1Mn Equity
Funding Round. The Round was Led by After Global, Digital Venture Partners
Amenli has closed a USD 1 Mn equity funding round, according to statement released by the company.
The round was led by emerging market-focused VC firm After Global, alongside Digital Venture Partners, the corporate VC arm of Qatar Ins. Corporation.
“We are impressed with Amenli's vision to revolutionize Egypt's largely underpenetrated insurance market, which currently stands at less than 1%. Amenli has built the technological infrastructure to create strong distribution and product innovation advantages, thereby enhancing the insurance experience for both individuals and SMEs alike,” said Allen Taylor, Partner at Alter Global.
Amenli is an insurance brokerage company in Egypt founded in 2019. The company describes its mission on their website as “We aim to protect you from unforeseen costs and incidents by providing all types of insurance policies issued by the top insurance providers locally and globally.”
Amenli is an online ins. brokerage that connects individuals and SMEs with ins. providers. With the USD 2.3 mn seed investment the company attracted in 2021, Amenli’s total funding now stands at USD 3.3 mn.
The company offers a wide range of insurance products to serve individuals, families and SMEs and liaises with insurance companies to handle client claims in an efficient and swift manner.
The fund will allow Amenli to introduce new products targeting both existing and new customer segments to satisfy their unmet insurance needs as well as develop new distribution channels to maximize efficiency and reach. Furthermore, Amenli will focus on dominating the B2B2C space, capitalizing on their own Insurance API, to solidify their position as a trusted and innovative leader in the industry and remain on track to achieve their 2024 vision.
