The Kenyan insurtech startup mTek has successfully garnered an investment of $1.25 million in a funding round. The principal investors who contributed to this were Verod-Kepple Africa Ventures and Founders Factory Africa.
These new funds represent a significant boost for mTek in their mission to expand their operations within Kenya and to extend their insurance services to markets across East Africa. By funneling this investment into their business operations, the company intends to secure its foothold in the crossroads of insurance and technology, which are usually seen as side by side industries.
This current investment follows a previous funding round in 2022, where mTek secured an impressive $3 million from the Finclusion Group. That capital was intelligently invested in strategies aimed at driving company growth. This included launching their services in new African markets, creating innovative digital insurance products, and undertaking robust initiatives for user base growth.
mTek was founded in 2019 by enthusiastic techpreneurs Bente Krogmann and Christopher Osore. Their central vision was to innovate how Africans interact with the insurance industry through the use of technology. Aiming to do away with the cumbersome paper-based methods of traditional insurance, mTek champions a paperless approach, focusing on streamlining processes to improve efficiency.
The mission of mTek is clear – make insurance more pervasive across Africa by providing a user-friendly platform where citizens can conveniently access diverse insurance products. The platform allows users to purchase insurance policies directly from insurers, compare plans using their digital devices, and submit claims online with ease.
mTek has plans to continue enhancing the customer experience and to revolutionize the insurance value chain by integrating sophisticated technology such as artificial intelligence (AI) and machine learning into their processes.
Upon the funding announcement, mTek’s CEO, Bente Krogmann, spoke of the company’s ambitious vision to develop Africa’s premier insurance platform-as-a-service. He detailed plans of consolidating partnerships with key players in the industry spanning underwriters, regulatory bodies, banking institutions, intermediaries, corporates, and all relevant stakeholders.
Expressing his excitement, Krogmann stated, “This collaboration will foster innovation, expand access to insurance solutions, and ultimately add value for both end-users and the wider insurance ecosystem.”
Despite the prevalent low adoption rate of insurance in Africa, mTek is optimistic that their tech-enabled solutions can transform the industry by bridging the adoption gap. Backing their optimism, Ory Okolloh, a Partner at Verod-Kepple Africa Ventures, expressed her firm belief in mTek’s potential to counter the insurance penetration challenges that Africa currently faces.
