Amenli, an Egyptian startup in the insurtech sector, has achieved global recognition as the sole African insurtech company named in the Top 50 list of insurtech startups worldwide, according to CB Insights, a global startup analytics firm. Amenli secured 516 mosaic points to earn its place among the world’s elite insurtech companies, though this score was the lowest among the listed startups. In contrast, South Korea’s Upstage.ai led the ranking with an impressive 937 mosaic points, also standing as the only South Korean startup in the Top 50.

CB Insights’ global analysis highlighted the United States’ dominance as the insurtech capital, with 33 startups in the Top 50, accounting for 66% of the total. France followed as the second most-represented country with eight startups (16%), while the UK contributed three startups (6%). Austria had two startups, and Ireland, Canada, South Korea, and Egypt each had one, underscoring the diverse geographical spread of innovation in the insurtech space.

Founded in Cairo in 2020, Amenli was established by Shady ElTohfa (CEO), Adham Nauman (Chief Technical Officer), and Omar Ezz El Din (finance lead). Co-founder ElTohfa shared the startup’s compelling origin story with TechCrunch, recounting the experiences of two friends who lost their fathers but faced starkly different financial outcomes. One friend was financially devastated by unpaid medical bills, struggling to support his family, while the other, covered by insurance, managed costly treatments without ruin. This contrast revealed a critical gap in Egypt’s insurance market, where traditional companies often partner with banks to target high-spending, credit-worthy customers, largely overlooking individuals and smaller entities.

This gap represents a $2 billion untapped insurance market in Egypt. Amenli was founded to address this need, positioning itself as Egypt’s first licensed online insurance broker. The company specializes in offering tailored insurance plans for individuals, families, and Small and Medium-sized Enterprises (SMEs) that align with their unique needs. Amenli provides a fully online insurance purchasing experience, allowing customers to obtain quotes and buy policies from home, emphasizing straightforward solutions.

Amenli’s growth has been supported by significant investments. The startup joined the prestigious Y Combinator Summer 2021 cohort, a milestone that led to a $2.3 million seed funding round co-led by P1 Ventures, GFC, and Anim Fund (Founders Fund scout fund), with participation from Costanoa VC, Liquid2 Ventures, Cliff Angels, and various angel investors. In 2023, Amenli secured further investor confidence, closing a $1 million equity funding round led by Alter Global, with Qatar Insurance Corporation’s (QIC) corporate VC arm, Digital Venture Partners (DVP), also participating. Notable investors include Y Combinator, ANIM Fund, Costanoa Ventures, Global Founders Capital, Liquid2 Ventures, P1 Ventures, Alter Global, Basil Al Moftah, QIC Digital Venture Partners, and EBRD Venture Capital.

Looking ahead, Amenli has outlined ambitious plans for expansion and product enhancement. The new funding will support team growth, strengthen product offerings, and build a robust brand presence. The company aims to introduce new products tailored to both existing and new customer segments to address unmet insurance needs. Additionally, Amenli plans to develop new distribution channels to maximize efficiency and reach. A key strategic focus is to dominate the B2B2C space, leveraging its proprietary Insurance API to solidify its position as a trusted and innovative leader in the industry, while staying on track to achieve its comprehensive 2024 vision.