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Wednesday, 6 October 2021

Digital ins. startup Amenli raises USD 2.3 mn in seed round

Egypt-based digital ins. startup Amenli raised USD 2.3 mn in a seed round, TechCrunch reported yesterday. The round was co-led by P1 Ventures, Global Founders Capital, and Anim Fund, and also included Costanoa Ventures, Liquid2 Ventures, Cliff Angels and other angel investors. The company will use the proceeds to expand its team and grow its operations, CEO Shady El Tohfa told the website.

What’s Amenli? The startup is the first licensed digital ins. broker in Egypt, and sells life, medical and car policies.

Amenli is targeting middle-income Egyptians, which the company says is a largely untapped market of 50 mn people. Ins. companies in Egypt tend to focus on the large, high-value customers and neglect individuals, for which it can take 5-6 weeks to finalize a single policy, the company says. These middle-income earners are the company’s core market. Amenli claims to be capable of processing more than 500 policies in less than 10 minutes, compared to the minimum three weeks offered by traditional firms.

This is the company’s second capital injection in as many months: Last month, Amenli was one of four Egyptian startups that secured USD 125k in seed funding by US accelerator Y Combinator. The other startups include Cairo-based delivery service ShipBlu, SaaS startup Pylon and online auto-marketplace Odiggo.

Since graduating from Y Combinator, Amenli has been able to triple its revenue, El Tohfa said, without disclosing figures. The increase in revenues came from repeated customers who use more than one policy instead of new customers, he explained.

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