Egyptian insurtech startup Amenli announced it closed a US$1 million equity funding round, led by Alter Global, a leading international VC firm focused on emerging markets.
The funding will help the insurtech startup to expand its team, further build its product, and grow its brand.
Amenli provides its clients with all types of insurance, including medical, automotive, home, and business offerings. It also handles client claims with insurance companies on behalf of their customers.
The startup is licensed by Egypt’s Financial Regulatory Authority (FRA).
The US$1 million funding round witnessed participation from the Qatar Insurance Company’s corporate VC arm Digital Venture Partners (DVP), one of the biggest insurance groups in the MENA region
.The funding will also enable the startup to bring new products to the market and to target both existing and new customer segments to cover the insurance needs and develop new distribution channels to maximise efficiency and reach.
The startup will focus on dominating the B2B2C space, capitalizing on its own insurance API.
“This funding round is a substantial validator and a strong vote of confidence for Amenli, particularly amidst the current investment and economic environment. The backing of these prominent investors, who all possess extensive experience in the tech and insurance sectors regionally and globally, has reinforced our belief in the strength of our vision and in moving forward with our plans for Amenli’s expansion and growth,” said ElTohfa, Amenli’s CEO.
Allen Taylor, partner at Alter Global, said he was excited to partner with Amenli.
“We are impressed with Amenli’s vision to revolutionize Egypt’s largely underpenetrated insurance market, which currently stands at less than one 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,” he said.
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