mTek, an innovative online insurance platform, has successfully raised $1.25 million (KSh 167.8 million) in funding to drive its expansion in the Kenyan and East African insurance markets.
The company plans to leverage the investment from Verod-Kepple Africa Ventures and Founders Factory Africa to bolster its presence in the insurance and technology sectors.
In 2022, mTek secured a $3 million investment from Finclusion Group to support its expansion into new African markets, the launch of digital products, and the growth of its user base.
Bente Krogmann and Christopher Osore established mTek in 2019 with the goal of revolutionizing interactions within the insurance industry through the use of cutting-edge technology.
The insurtech startup based in Kenya has embraced paperless transactions to streamline and enhance processes, aiming to boost insurance penetration in Africa and provide a platform for accessing insurance products.
Customers have the option to buy insurance directly from the insurer and can conveniently compare policies and file claims online using their devices.
mTek aims to integrate artificial intelligence (AI) and machine learning into its new processes to enhance customer experience and drive efficiency across the insurance value chain.
After securing recent funding, CEO Bente Krogmann is determined to establish the insurtech as the premier platform as a service for the insurance ecosystem in Africa.
In the coming months, mTek is committed to enhancing its collaborations with various industry stakeholders such as underwriters, regulatory bodies, banks, intermediaries, and enterprises. This strategic approach will help reinforce our position in the market and drive sustainable growth.
The CEO emphasized the importance of enhancing our strategic partnerships with underwriters, regulatory bodies, banks, intermediaries, enterprises, and other industry stakeholders. This collaboration aims to drive innovation, broaden insurance accessibility, and generate value for end-users and the overall insurance ecosystem.
Despite the low adoption of insurance in Africa, mTek is determined to drive change through its innovative solutions. Ory Okolloh, Partner at Verod-Kepple Africa Ventures, is confident that mTek’s offerings can bridge the industry’s penetration gaps.
