Amenli, an Egyptian insurance startup, has raised $2.3 million in a seed round to help Egyptians get insurance.
P1 Ventures, GFC, and Anim Fund co-led the round, with Costanoa VC, Liquid2 Ventures, Cliff Angels, and other angel investors also participating.
Amenli is Egypt’s first licensed online insurance broker, founded in 2020 by Shady El Tohfa, Omar Ezz El Din, and Adham Nauman.
Since graduating from the Y Combinator Summer 2021 class, Amenli has seen a boost in revenue.
Since graduating from the accelerator, El Tohfa claims that the company’s sales have tripled. Customers did not rise as much as policies sold since they primarily repeat customers who utilize numerous insurance at once, according to El Tohfa.
“Everyone says that Egyptians don’t want to comprehend or get insurance.” “However, we discovered that educated middle-income people are aware of insurance, understand it, and want to buy it, even though it was previously unavailable to them,” the company noted.
In comparison to the industry standard of three weeks, the platform issues over 500 policies in less than ten minutes.
The stats are great, but the founders believe the company is still searching for product-market fit.