Kenyan insurtech startup mTek secures a significant investment of $1.25 million in a funding round, with principal investors Verod-Kepple Africa Ventures and Founders Factory Africa leading the way.
Expanding Operations Across East Africa
The new funds will fuel mTek’s expansion efforts within Kenya and its plans to extend insurance services to markets across East Africa, solidifying its position at the intersection of insurance and technology.
Building on Previous Success
This investment follows a previous funding round in 2022, where mTek secured $3 million from the Finclusion Group, allowing the company to drive growth strategies, expand into new African markets, and innovate digital insurance products.
Tech-Driven Vision
Founded in 2019 by Bente Krogmann and Christopher Osore, mTek aims to revolutionize insurance in Africa through technology, championing a paperless approach to streamline processes and enhance efficiency.
Advancing Insurance Accessibility
mTek’s platform offers a user-friendly interface for convenient access to diverse insurance products, enabling users to purchase policies, compare plans digitally, and submit claims online.
Future Plans and Vision
mTek plans to further enhance the customer experience and revolutionize the insurance value chain by integrating advanced technologies like artificial intelligence and machine learning.
Ambitious Vision
CEO Bente Krogmann envisions mTek as Africa’s premier insurance platform-as-a-service, aiming to consolidate partnerships across the insurance ecosystem to drive innovation and expand access to insurance solutions.
Optimism for Industry Transformation
Despite low insurance adoption rates in Africa, mTek remains optimistic about transforming the industry, with investors like Ory Okolloh expressing confidence in the company’s potential to address insurance penetration challenges on the continent.
Source: Innovation Village