Egypt's Amenli Closes US$1 Million Equity Funding
The round was led by After Global and Digital Venture Partners.
Amenli has closed a US$1 million equity funding round led by emerging market-focused venture capital (VC) firm After Global, alongside Digital Venture Partners, the corporate VC arm of Qatar Insurance Corporation.
“We are impressed with Amenli's vision to revolutionize Egypt's largely underpenetrated insurance market, which currently stands at less than 1 percent. 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,” Allen Taylor, partner at Alter Global, said in a statement.
Amenli is an insurance brokerage company in Egypt founded in 2019. The company describes its mission on its 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.”
With the $2.3 million seed investment the company attracted in 2021, Amenli’s total funding now stands at $3.3 million.
The company offers a wide range of insurance products to serve individuals, families, and small- and medium-sized enterprises (SMEs) and liaises with insurance companies.
The funds will allow Amenli to introduce new products targeting existing and new customer segments. It will also help the startup develop new distribution channels.
Additionally, Amenli plans to prioritize growth in the business-to-business-to-consumer (B2B2C) sector by leveraging its proprietary insurance application programming interface (API).
