New Investments

Kenyan Insurtech Startup mTek Secures $1.25 Million in Funding to Fuel Expansion

Kenyan insurtech startup mTek has raised $1.25 million in a funding round led by Verod-Kepple Africa Ventures and Founders Factory Africa.

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.

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