The funding round was led by Alter Global, a leading international venture capital firm focused on emerging markets, with participation from Qatar Insurance Corporation’s (QIC) corporate VC arm Digital Venture Partners (DVP).

Amenli was founded in 2020 by Adham Nauman, Omar Ezz El Din, and Shady ElTohfa.

The startup offers a wide range of affordable and accessible insurance products to individuals, families, and SMEs, including medical, automotive, home, and business insurance. Amenli also handles client claims with insurance companies on their behalf.

The $1 million funding round will enable Amenli to expand its team, strengthen its product offerings, and build a robust brand presence.

The startup plans to introduce new products targeting both existing and new customer segments, as well as develop new distribution channels to maximize efficiency and reach.

“We are excited to partner with Alter Global and DVP, two leading investors in emerging markets,” said Shady ElTohfa, CEO of Amenli.

“Their investment is a strong validation of our business model and our commitment to making insurance more accessible and affordable for all Egyptians,” he added.

The Egyptian insurtech market is still in its early stages of development, but it is growing rapidly.

The market is expected to reach $2 billion by 2025, according to a report by Global Market Insights.