Amenli, the first licensed online insurance broker in Egypt, has secured a $2.3 million investment to scale its operations, expand its team, and provide insurance services for Egyptians.
The seed round had investment from local and foreign investors and it was co-led by GFC, P1 Ventures, and Anim Fund (Founders, Fund scout fund), while Cliff Angels, Costanoa VC, Liquid2 Ventures, and other angel investors participated.
Amenli was founded in 2020 by Adham Nauman and Shady El Tohfa, and it addresses an untapped insurance market worth $2 billion in Egypt.
Amenli makes life easy for its users. When users log onto the Amenli platform, all they have to do is answer a few questions.
The answers they provide will determine what insurance plans will be recommended to them.
Amenli has its own infrastructure, provides APIs to other insurance companies, and its model serves quotations instantly.
Amenli was part of the Y Combinator Summer 2021 program and has since then, grown in leaps and bounds.
A whole year of operating with assistance from Y Combinator has prepared it for the future.
According to El Tohfa, Amenli has tripled its revenue since graduating from the accelerator.
However, while there is an increase in policies, there isn’t an increase in customers because the same customers are the ones using multiple policies.
Compared to the three-week minimum policy issuance of the insurance industry, Amenli issues over 500 policies in less than 10 mins.
Amenli’s founders still think it is on the path to finding product-market fit despite the impressive numbers.
“Right now, we are still trying to prove that there is demand in the market for selling insurance because there was no benchmark and we did not know if people would receive the insurance online,”
Everyone would say that in Egypt, people do not want to understand or buy insurance. But what we found is that educated people in the middle-income segment are aware of insurance, understand it and want to buy it, even though it wasn’t accessible to them before.” said Tohfa
El Tohfa and Nauman were part of the founding team of Paymob, an Egyptian fintech startup, before launching Amenli.
They had also worked on a microfinance product in 2017 which exposed them to insurance as a concept for the first time.
Their interest in the industry and continuous research led them to venture into insurtech full-time.
However, El Tohfa only started looking into the opportunities in the market due to a series of personal experiences.
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