This new investment will fuel mTek’s expansion plans within Kenya and across East African insurance markets.

The company aims to leverage this funding to solidify its position at the intersection of insurance and technology.

This follows a previous $3 million investment secured by mTek in 2022 from Finclusion Group. Those funds were used to propel growth initiatives including expansion into new African markets, development of digital insurance products, and user base growth.

Founded in 2019 by Bente Krogmann and Christopher Osore, mTek seeks to revolutionize how people in Africa interact with the insurance sector through technology.

The Kenyan startup champions a paperless approach, streamlining processes and improving efficiency by eliminating traditional insurance paperwork.

Their mission is to increase insurance penetration across Africa and provide a user-friendly platform for accessing various insurance products.

mTek allows users to directly purchase insurance policies from insurers, compare plans using their devices, and conveniently submit claims online.

The company plans to further enhance the customer experience and streamline the insurance value chain by incorporating artificial intelligence (AI) and machine learning into its processes.

Following the funding announcement, mTek CEO Bente Krogmann emphasized the company’s vision of building Africa’s leading platform-as-a-service for the insurance ecosystem.

Krogmann highlighted plans to solidify partnerships with key players in the industry, including underwriters, regulatory bodies, banks, intermediaries, enterprises, and stakeholders.

“We are excited to further strengthen our strategic partnerships with underwriters, regulatory bodies, banks, intermediaries, enterprises and other stakeholders in the industry,” said Krogmann.

“This collaboration will foster innovation, expand access to insurance solutions, and ultimately create value for both end-users and the wider insurance ecosystem.”

Despite the current low insurance adoption rate in Africa, mTek remains confident that its solutions can bridge the gap and revolutionize the industry.

Ory Okolloh, Partner at Verod-Kepple Africa Ventures, shared optimism, believing mTek has the potential to address the insurance penetration challenges in Africa.

This funding will be used to accelerate the rollout of Float’s card-linked installment platform, which allows shoppers to split purchases into manageable installments without additional fees or interest.

Launched in November 2021, Float integrates with existing Visa and Mastercard credit cards, offering pre-approved users the option to spread payments over up to 24 months.

Consumers can enjoy greater flexibility in managing their finances, while merchants can potentially increase sales by enabling customers to buy higher-value items.

“The support from Standard Bank comes at a critical time for our growth,” said Float founder and CEO Alex Forsyth Thompson. “This funding will be instrumental in scaling our business and meeting the rising demand for our services.”

Float has already established a significant presence in South Africa, working with nearly seven million pre-approved credit cards.

They report a significant increase in customer conversion rates and a 134% jump in average order value for partnered merchants.

With this new funding, Float expects to significantly expand its merchant network in the coming years.

The funding agreement is structured as a revolving credit facility, providing Float with long-term financial security and flexibility.

This funding will allow them to expand their presence in Dakar, Senegal, and Kenya while focusing on high-growth sectors like AI-powered Software as a Service (SaaS).

The World Bank’s International Finance Corporation (IFC) joins P1 Ventures as its first public institutional investor.

This partnership aims to bridge the gap for early-stage African tech startups seeking growth capital for expansion and attracting further investment.

“We are excited to welcome the IFC as a key partner in our mission to empower Africa’s most promising entrepreneurs,” said a spokesperson for P1 Ventures.

“This investment demonstrates confidence in the African tech ecosystem, especially at a time when global venture capital is tightening.”

P1 Ventures is a pioneer in utilizing AI for deal sourcing, having hired its first data scientist in 2023. This approach allows them to identify promising talent and startups across the continent.

The firm is particularly interested in founders leveraging cutting-edge technologies like generative AI to revolutionize core industries like healthcare, finance, retail, and agriculture.

Founded in 2020, P1 Ventures focuses on backing experienced entrepreneurs with proven business models and strong software solutions.

Their strategy boasts a successful track record, with their portfolio companies raising 35 times more follow-on capital for every $1 invested by P1.

“We are committed to fostering a diverse portfolio that represents the vast potential of African innovation,” the spokesperson added.

“Unlike traditional investors concentrated in established markets, P1 Ventures actively seeks to support ventures across the continent.”

P1 Ventures’ current portfolio includes Yassir, an Algerian mobility platform, Money Fellows, an Egyptian savings app, Reliance Health, a Nigerian employee healthcare platform, and Chari, a Francophone-focused e-commerce and fintech app.

This round marks ride-hailing giant Uber’s first investment in an African tech startup and strengthens Moove’s position as a leader in providing vehicle financing solutions for mobility entrepreneurs.

The funding round, which confirms earlier reports from Bloomberg, comes on top of the $250 million Moove has already raised in equity financing and $210 million in debt financing.

This fresh injection of capital will fuel Moove’s ambitious expansion plans, targeting entry into 16 new markets by the end of 2025.

Currently, the Lagos-based company operates in six countries: Nigeria, South Africa, Ghana, the UK, India, and the UAE.

Sustainability is also a key focus for Moove. The company plans to expand its electric vehicle (EV) offerings across its markets, with India taking the lead.

Partnering with Uber, Moove aims to introduce over 20,000 electric vehicles to Uber’s Indian platform, supporting the ride-hailing company’s goal of achieving a zero-emission fleet by 2040.

“We want to be a frontrunner in electrification across all our markets,” said Ladi Delano, Moove’s co-CEO.

“While focusing on EVs in developed markets like the UK and UAE, for countries like Nigeria, we’ll prioritize compressed natural gas (CNG) vehicles as a stepping stone towards EVs.”

Delano further elaborated on Moove’s efforts to prepare the Nigerian market for CNG adoption, aiming to mitigate rising fuel prices for its customers.

“Africa presents immense potential, and we remain committed to investing in the continent,” said Delano.

“However, profitability remains crucial. We will continue to evaluate global opportunities, expanding only where we see a clear path to achieving financial sustainability.”

Founded in 2020 by Mohamed Mousa and Sherif Abdelaty, dKilo’s platform aims to connect brands with audiences outside the traditional digital advertising space.

This provides e-commerce businesses with fresh opportunities to boost brand awareness and conversions.

Upturn Ventures, a recently launched venture builder specializing in e-commerce, provided the funding in a combination of equity and debt financing.

dKilo will leverage this new capital to revolutionize the out-of-home advertising industry by introducing innovative approaches.

The collaboration between dKilo and Upturn Ventures aims to reshape how brands connect with audiences beyond the digital realm, ultimately benefiting e-commerce businesses in terms of brand awareness and conversions.