Cairo – Sharikat Mubasher: Egyptian insurtech startup Amenli announced raising $2.3 million in a funding round led by the European Bank for Reconstruction and Development (EBRD), with additional backing from Y Combinator (YC).

This funding unlocks opportunities in a market with a potential value of USD 20 billion, giving Amenli the boost it needs to supercharge growth, according to a recent press release.

Shady El Tohfa, CEO and co-founder of Amenli, expressed his excitement towards this step, commenting: “This funding will enable us to accelerate growth and continue building technology to scale our business while significantly enhancing our customer experience.”

The company plans to use these funds to diversify its distribution channels and integrate cutting-edge AI-driven technologies.

Adham Nauman, Co-founder and CTO at Amenli emphasized their goals, as he explained: “By integrating AI, we are not only streamlining our processes but also unlocking new possibilities for growth across strategic verticals.”

Amenli’s recent funding positions the company to strengthen its role in Egypt’s evolving insurance market, supported by advancements in digital technologies like eKYC and eSignature. These tools will help the company to streamline processes for businesses and individuals.

By integrating AI-driven solutions and expanding its product offerings, Amenli aims to address the needs of a largely untapped market. The challenges, however, of scaling operations in a competitive landscape remain significant.