Amenli raises $2.3 million with a view to present insurance coverage companies to Egyptians

Amenli, an Egyptian insurance coverage startup, has raised $2.3 million in a seed spherical to assist Egyptians get insurance coverage.

P1 Ventures, GFC, and Anim Fund co-led the spherical, with Costanoa VC, Liquid2 Ventures, Cliff Angels, and different angel buyers additionally collaborating.

Amenli is Egypt’s first licensed on-line insurance coverage dealer, based in 2020 by Shady El Tohfa, Omar Ezz El Din, and Adham Nauman.

Since graduating from the Y Combinator Summer season 2021 class, Amenli has seen a lift in income.

Since graduating from the accelerator, El Tohfa claims that the corporate’s gross sales have tripled. Clients didn’t rise as a lot as insurance policies bought since they primarily repeat prospects who make the most of quite a few insurance coverage without delay, in keeping with El Tohfa.

“Everybody says that Egyptians don’t wish to comprehend or get insurance coverage.” “Nevertheless, we found that educated middle-income individuals are conscious of insurance coverage, perceive it, and wish to purchase it, despite the fact that it was beforehand unavailable to them,” the corporate famous.

Compared to the trade normal of three weeks, the platform points over 500 insurance policies in lower than ten minutes.

The stats are nice, however the founders consider the corporate continues to be trying to find product-market match.


Learn extra on Tech Gist Africa:

Biware, a Tunisian large knowledge startup, has raised $1.2 million in funding

With the participation of Sawari Ventures, Flat6Labs closes a $10 million seed fund for its Tunisia-based Anava Seed Fund

Bare, a South African insurtech startup, has raised $11 million in Sequence A funding led by Naspers

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