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.