Founded in 2020 by Adham Nauman, Omar Ezz El Din, and Shady El Tohfa, Amenli provides a variety of insurance products, including medical, car, home, and business insurance.

Amenli is also regulated by Egypt’s Financial Regulatory Authority (FRA). It manages claims with insurance providers on behalf of its clients.

The funding round, led by the European Bank for Reconstruction and Development’s (EBRD) Venture Capital arm, follows an earlier $1 million equity round in October 2023.

Amenli, a graduate of the prestigious Y Combinator accelerator program, also received additional backing from Y Combinator in this latest round.

The funds will enhance Amenli’s technological capabilities, diversify its distribution channels, and invest in product development to digitize and streamline the customer experience.

The company plans to leverage FRA initiatives such as electronic Know Your Customer (eKYC) and eSignature to further improve its offerings.

“We are thrilled to have secured this investment from major global investors who share our vision for transforming the insurance industry in Egypt,” said CEO Shady El Tohfa.

“This funding will enable us to accelerate growth, build scalable technology, and significantly enhance our customer experience.”

Bruno Lusic, from EBRD Venture Capital, praised Amenli’s achievements and potential, highlighting the company’s data-driven platform and strong value proposition for SMEs and individual customers.

“Egypt’s largely untapped insurance market offers immense opportunities for rapid growth as adoption increases in the coming years. We are confident Amenli is well-positioned to capitalize on this trend with its advanced technology and strong leadership,” Lusic said.

This strategic merger aims to drive transformative change in Africa’s energy landscape.

It is backed by fresh funding from a consortium led by Equator VC and Praetura Ventures, with participation from KawiSafi Ventures.

Shyft specializes in developing Internet of Things (IoT) hardware and integrated software for intelligent energy management.

The company offers a range of solutions, from advanced metering systems to patented monitoring and control technologies, aimed at addressing real-world energy challenges and enhancing energy delivery experiences.

SteamaCo, an Anglo-African technology firm, supports energy providers in delivering reliable, affordable, and productive power solutions to underserved communities.

The merger combines SteamaCo’s expertise in energy revenue management with Shyft’s innovative metering technologies and local market knowledge.

Shyft’s CEO, Ugwem Eneyo, highlighted the collaboration’s broader vision, stating:

“Our goal extends beyond advanced technology. We aim to transform how power providers and consumers experience energy, enabling smarter, more resilient infrastructure. This is integral to our commitment to fostering sustainable cities and communities.”

Tom Parkison, Managing Director of SteamaCo, emphasized the potential of the partnership to enhance services in Africa.

“The integration of our advanced metering technology with Shyft’s local expertise positions us to better meet the needs of our customers. Together, we are driving innovation and delivering customized solutions to address Africa’s unique energy challenges,” he said.

Formerly known as TopSet, the startup has rebranded and introduced a new focus on helping learners master indigenous languages, beginning with Yoruba and Igbo.

To drive this transformation, Lingawa has raised $1.1 million in pre-seed funding.

The investment round was led by Zrosk, Voltron Capital, Weav Capital, Kaleo Ventures, MasterCard Foundation, and angel investors such as Guy Futi and Dolapo Adejuyigbe.

The funds will be used to develop an interactive app, expand the language offerings, and recruit top talent.

Founded in 2022 by Frank Williams, Yvonne Williams, and Uche Azinge, Lingawa originally aimed to improve academic performance for K-12 students.

However, scaling challenges and difficulty convincing parents to pay for the services prompted the team to reassess their approach.

In mid-2023, the startup experimented with teacher training, which revealed a widespread demand for learning African languages.

“I wanted to learn my language but was often discouraged when family and friends mocked my attempts,” Frank Williams, Lingawa’s CEO, shared. “This experience resonated with many others, not just in Africa but globally.”

The global language learning market is projected to hit $190 billion in five years, and Lingawa estimates a $45 billion addressable market in frontier language learning alone.

One of Lingawa’s key innovations is a five-level curriculum designed for native speakers who are trained to teach African languages.

This initiative addresses the scarcity of qualified tutors by equipping native speakers with the tools to become effective educators.

To support tutors, the company introduced a buy-now-pay-later scheme, enabling them to acquire teaching devices and repay in installments using earnings from the platform.

Lingawa’s business model is centered around a subscription service, bulk packages, and introductory lessons, catering primarily to the African diaspora.

The startup estimates that half of the 20 million Africans living abroad do not speak their native language, presenting a significant revenue opportunity.

The winner will represent Africa at the global event in Tallinn, Estonia, next year, with a chance to win a share of the €1 million (US$1.1 million) prize pool.

Latitude59, Estonia’s premier startup and tech event, hosted its 12th edition in May.

The competition, now in its third year, continues to attract innovative startups from around the world.

It drew over 3,500 attendees, including more than 900 startup representatives and nearly 600 investors.

In September, Latitude59 launched its call for African early-stage startups to compete for a spot in its 2024 global pitch event.

A total of 382 applications were submitted from 37 African countries, highlighting the continent’s thriving entrepreneurial ecosystem.

The top 10 startups have now been selected to pitch at the African final, scheduled for November 28 in Kenya.

The selected Kenyan ventures include:

• Eco Nasi: Converts pineapple pulp waste into vegan leather.
• Grekkon: Develops moisture sensors for smallholder farmers.
• NoMa: Digitizes school transportation through a tech platform.
• Paycloud: Builds a neobank to support African MSMEs with payments, credit access, and aggregation.
• Roadrims: Offers reliable and cost-effective logistics solutions.
• Twiva: Operates as a social commerce platform.
• VunaPay: Provides instant payments to farmers.
• Zerobionic: Creates a robotic arm tailored for students with hearing impairments.

Nigeria and Tanzania Join the Race

Rounding out the top 10 are AcemyX from Nigeria, which provides a learning management system (LMS) offering personalized tools for exam preparation, and Afya Mama from Tanzania, which delivers maternal and reproductive health information through SMS and a web app.

The African winner will head to Estonia to pitch at next year’s Latitude59, competing for the lucrative prize pool and gaining global exposure among investors and industry leaders.