mTek, a Kenyan-based InsurTech firm, has secured an investment of $1.25m (KSh 167.8m) to advance its expansion plans within the Kenyan and East African insurance markets.
The funding round was led by Verod-Kepple Africa Ventures and Founders Factory Africa, reaffirming mTek’s position as a frontrunner in leveraging technology to transform the insurance landscape, according to InsurTech Insights.
This recent investment follows a previous funding round in 2022, where mTek received $3 million from Finclusion Group to drive growth initiatives, expand into new African territories, launch digital products, and bolster its user base.
Founded in 2019 by Bente Krogmann and Christopher Osore, mTek has been pivotal in reshaping interactions within the insurance sector through technological innovation.
The InsurTech startup has made waves with its adoption of paperless transactions, aiming to streamline processes and elevate user experiences across the African insurance landscape.
Despite challenges related to low insurance penetration across Africa, mTek is determined to shift this paradigm with its array of solutions. Ory Okolloh, Partner at Verod-Kepple Africa Ventures, believes mTek holds significant promise in addressing the industry’s hurdles concerning penetration rates.
mTek’s platform empowers users to directly purchase insurance from insurers, facilitating policy comparisons and online claims submissions.
With a vision to enhance insurance penetration continent-wide, the company is harnessing the power of artificial intelligence (AI) and machine learning to further refine customer experiences and operational efficiency throughout the insurance value chain.
Bente Krogmann, CEO of mTek, said, “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.”
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