Amenli, Egypt’s first licensed online insurance broker, has secured a $2.3 million investment to expand its operations, create more jobs, and offer insurance to Egyptians.
Amenli, a $2 billion untapped insurance market in Egypt, was founded in 2020 by Shady El Tohfa, Omar Ezz El Din, and Adham Nauman. But it was a series of personal experiences that motivated CEO El Tohfa to pursue market opportunities.
El Tohfa relates the tragic stories of two of his close friends who lost their fathers. Despite the fact that his first friend’s loss had a negative influence on their well-being due to unpaid medical expenses, his second friend said that having insurance had allowed his family to avoid financial difficulties despite his father’s expensive treatments.
Amenli is aiming for a market of around 50 million middle-income adults. A single insurance policy from an insurer can be obtained by someone in this sector in three to six weeks on average. This is due to the fact that insurance companies do not place a great priority on individual consumers. Furthermore, due to the high cost of maintenance, “the economics don’t work for them.”
GFC, P1 Ventures, and Anim Fund (Founders, Fund scout fund) co-led the seed round, which included investment from local and foreign investors, as well as Cliff Angels, Costanoa VC, Liquid2 Ventures, and other angel investors.
Amenli will use the new funding to expand its team, scale rapidly, and acquire more customers in a market that is predicted to develop at a CAGR of 7% per year over the next five years.