Kenyan startup mTek secures $1.25m for East Africa expansion.

TLDR:

Kenyan-based InsurTech firm mTek has secured $1.25m in funding to expand within the Kenyan and East African insurance markets. The investment, led by Verod-Kepple Africa Ventures and Founders Factory Africa, follows a previous round in 2022. mTek aims to streamline processes, enhance user experiences, and increase insurance penetration in Africa through technological innovation.

Key Elements of the Article:

• mTek, a Kenyan-based InsurTech firm, has received $1.25m in funding to expand its presence in the Kenyan and East African insurance markets.
• The investment round was led by Verod-Kepple Africa Ventures and Founders Factory Africa, reinforcing mTek’s position as a leader in using technology to transform the insurance landscape.
• Founded in 2019 by Bente Krogmann and Christopher Osore, mTek has focused on reshaping interactions within the insurance sector through paperless transactions and technological innovation.
• The company aims to increase insurance penetration in Africa by empowering users to purchase insurance directly from insurers, facilitating policy comparisons and online claims submissions.
• mTek plans to leverage artificial intelligence (AI) and machine learning to enhance customer experiences and operational efficiency in the insurance value chain.
• CEO Bente Krogmann expressed a desire to strengthen partnerships with key industry stakeholders to foster innovation, expand access to insurance, and create value for users and the wider insurance ecosystem.

Full Article:

Kenyan-based InsurTech firm mTek has secured an investment of $1.25m to aid its expansion plans within the Kenyan and East African insurance markets. The funding round, led by Verod-Kepple Africa Ventures and Founders Factory Africa, highlights mTek’s commitment to leveraging technology to revolutionize the insurance industry. This recent investment follows a previous funding round in 2022, where mTek received $3 million from Finclusion Group to drive growth initiatives, expand into new African territories, launch digital products, and grow its user base.

Founded in 2019 by Bente Krogmann and Christopher Osore, mTek has been instrumental in transforming interactions within the insurance sector through technological advancements. By adopting paperless transactions, mTek aims to simplify processes and enhance user experiences across the African insurance landscape. Despite challenges related to low insurance penetration in Africa, mTek is determined to change this narrative by offering innovative solutions.

Ory Okolloh, Partner at Verod-Kepple Africa Ventures, sees great potential in mTek’s ability to address industry challenges related to insurance penetration rates. mTek’s platform allows users to directly purchase insurance from insurers, enabling easy policy comparisons and online claims submissions. With a vision to improve insurance penetration continent-wide, mTek is utilizing AI and machine learning to further optimize customer experiences and operational efficiency throughout the insurance value chain.

CEO Bente Krogmann stated, “We are now looking forward to further strengthening our strategic partnerships with underwriters, regulatory bodies, banks, intermediaries, enterprises, and other stakeholders in the industry to foster innovation, expand access to insurance, and create value for end-users and the wider insurance ecosystem.”