The investment, spearheaded by Verod-Kepple Africa Ventures and Founders Factory Africa, is set to bolster mTek’s foothold in both the insurance and technology sectors. This funding injection follows a previous investment round in 2022, where mTek secured $3 million from Finclusion Group to fuel its growth strategies, including expansion into new African markets, digital product rollouts, and user base augmentation.
Founded in 2019 by Bente Krogmann and Christopher Osore, mTek has been at the forefront of revolutionizing insurance sector interactions through technology. The Kenyan-based insurtech startup is known for its adoption of paperless transactions, aiming to streamline processes and enhance user experiences within the insurance industry across Africa.
Even with insurance having limited uptake in Africa, mTek is actively working to change this trend through its range of solutions. According to Ory Okolloh, Partner at Verod-Kepple Africa Ventures, mTek has the potential to address the industry’s challenges regarding low penetration rates.
Addressing the protection gap
mTek’s platform enables users to directly purchase insurance from insurers, facilitating policy comparisons and online claims submissions. With a vision to increase insurance penetration across the continent, mTek is leveraging artificial intelligence (AI) and machine learning to further enhance customer experiences and operational efficiency throughout the insurance value chain.
Krogmann, CEO of mTek, said the company’s commitment to building Africa’s premier platform as a service for the insurance ecosystem. Moving forward, mTek plans to strengthen partnerships with key industry stakeholders, including underwriters, regulatory bodies, banks, intermediaries, and enterprises, to continue driving innovation and expanding access to insurance products and services throughout Africa.
“We are now looking forward to further strengthening our strategic partnerships with underwriters, regulatory bodies, banks, intermediaries, enterprises and other stakeholders in the industry to foster innovation, expand access to insurance, and create value for end-users and the wider insurance ecosystem.”
