mTek Boosts Insurance Access in Africa with $1.25M Funding

Kenyan insurtech startup mTek has secured $1.25 million in funding to expand its presence in the Kenyan and East African insurance markets. 

The investment, led by Verod-Kepple Africa Ventures and Founders Factory Africa, aims to strengthen mTek’s position in both the insurance and technology sectors.

Founded in 2019 by Bente Krogmann and Christopher Osore, mTek is revolutionising the insurance sector through technology. By offering paperless transactions and direct insurance purchases from the insurer, mTek is simplifying the insurance process for users. 

Additionally, the platform allows users to compare insurance policies and submit claims online, all through their devices.

With a previous investment of $3 million from Finclusion Group in 2022, mTek has been focusing on growth, expanding to new African markets, introducing digital products, and growing its user base.

Following this latest funding, mTek plans to leverage artificial intelligence and machine learning to enhance customer experience and streamline the insurance value chain. CEO Bente Krogmann aims to establish mTek as Africa’s leading platform for the insurance ecosystem.

Looking ahead, mTek intends to strengthen its partnerships with underwriters, regulatory bodies, banks, intermediaries, enterprises, and stakeholders in the industry. 

This strategic approach aims to foster innovation, increase insurance accessibility, and deliver value to end-users and the broader insurance ecosystem.

Despite the low insurance adoption rates in Africa, mTek remains committed to bridging the gap with its innovative solutions. 

Ory Okolloh, Partner at Verod-Kepple Africa Ventures, believes that mTek has the potential to address the industry’s penetration challenges and drive positive change.