Egypt’s Amenli secures $1m equity funding round. 2 other stories and a trivia

This line-up of stories will help you discover the latest happenings around the tech world, today.

1. Egypt’s Amenli secures $1m equity funding round

Amenli, an insurtech company based in Egypt, has announced securing a new equity funding round, raising $1 million.

This is contained in a press release signed by CEO and Co-Founder of Amenli, Shady ElTohfa, as seen by Ripples Nigeria on Tuesday, October 10, 2023.

The funding round was led by Alter Global, an international venture capital firm with a focus on emerging markets, represented in the region by Heba Ahmad.

According to the startup, Qatar Insurance Corporation’s (QIC) corporate VC arm, and Digital Venture Partners (DVP), which is a major player in the MENA region’s insurance sector, participated in the round.

Founded in 2020 by Adham Nauman, Omar Ezz El Din, and Shady ElTohfa, Amenli specializes in providing tailored insurance plans for individuals, families, and SMEs, designed to meet their unique needs.

This fresh injection of capital will empower Amenli to expand its team, enhance its product offerings, and further establish a robust brand presence in the market.

Allen Taylor, a Partner at Alter Global, expressed excitement about their deeper involvement in the Egyptian ecosystem and their partnership with Amenli.

The funding is expected to enable Amenli to introduce new products targeting both existing and new customer segments, thereby addressing unmet insurance needs and establishing new distribution channels for maximum efficiency and reach.

Lars Gehrmann, Group Chief Digital Officer at Qatar Insurance Company (QIC), emphasized DVP’s commitment to fostering insurtech innovation in the MENA region.

Tech Trivia: How tall is a 1U-sized piece of rack-mounted hardware?

A. 1 3/4 inches (44.45 mm)
B. 2 1/2 inches (63.5 mm)
C. 4 inches (101.6 mm)
D. 6 inches (152.4 mm)
Find answer below

2. IFC invests $50m in new LeapFrog fund

The International Finance Corporation (IFC) has committed an equity investment of $50 million in a new fund launched by LeapFrog Investments, one of the largest private equity groups dedicated to impact investing in emerging markets.

LeapFrog Investments focuses its investments on healthcare, financial services, and climate solutions businesses in high-growth global markets.

IFC, a member of the World Bank Group and the largest global development institution focused on the private sector in emerging markets, is investing $50 million in the LeapFrog Emerging Consumer Fund IV LP.

IFC’s investment joined other partners, including the Singaporean sovereign wealth fund Temasek, global insurance strategic investors AIA and Prudential Financial, and global asset managers like Van Lanschot Kempen.

IFC’s investment also includes an additional $50 million, enabling it to selectively co-invest with the fund in LeapFrog portfolio companies.

The new development marks IFC’s third engagement with LeapFrog, following previous investments of $20 million in LeapFrog’s first fund and $45 million in its third fund.

The new fund’s primary focus is on fostering the growth of healthcare and financial services businesses.

Andy Kuper, founder and CEO of LeapFrog, expressed his enthusiasm about deepening the partnership with IFC, emphasizing their shared commitment to generating social and environmental impact alongside robust financial returns in emerging markets.

William Sonneborn, IFC’s global director of disruptive technologies, creative industries, and funds, highlighted the project’s significance in promoting private sector growth, bridging the investment gap in healthcare, and accelerating financial inclusion in Africa and Asia.

3. Lloyds Bank launches paperless guarantee solution

Lloyds Bank has expanded its array of trade finance solutions with the introduction of its innovative Paperless Guarantee solution.

This solution, according to the startup, aims to assist businesses engaged in high volumes of transactions by facilitating the digital issuance of bank guarantees, including direct guarantees and standby letters of credit.

Lloyds emphasizes that this not only enables recipients to receive transactions instantly during trade but also provides businesses with a means to conduct trade more efficiently, securely, and safely.

This initiative aligns with the bank’s commitment to reducing environmental impact, as trade finance currently involves approximately 28.5 billion paper documents circulating globally each year, according to data from the UK Government.

Lloyds Bank recently accomplished its first digital trade transaction under the UK’s new Electronic Trade Documents Act (ETDA), which came into effect last month.

The launch of the Paperless Guarantee solution represents the bank’s latest step in digitizing the trade process.

Gwynne Master, the bank’s head of lending, trade, and working capital, commented on the launch of the Paperless Guarantee solution, highlighting their collaboration with business clients and stakeholders in understanding the intricacies and challenges of international trade.

“Our latest development, the Paperless Guarantee initiative, offers clients a solution to some of those challenges,” she stated. She believes that eliminating the need for physical paper delivery is “the future of trade.”

Trivia Answer: 1 3/4 inches (44.45mm)

A rack unit, abbreviated “U,” is a unit of measurement of the size of rack-mounted equipment. It measures how tall a rack-mountable piece of hardware is — 1U is equal to 1¾ inches, or 44.45 mm.

A full-size rack cage is often around 42U tall, or just over six feet; half-height cages 18-22U tall are also common.

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