mTek, an online insurance platform based in Kenya, has garnered $1.25 million in funding to fuel its growth across Kenya and the broader East African region.
This recent financial boost from Verod-Kepple Africa Ventures and Founders Factory Africa aims to enhance mTek’s footprint in the insurtech and tech spheres. Previously, in 2022, mTek attracted a $3 million investment from Finclusion Group, targeting market expansion, digital product development, and user base increase.
Founded in 2019 by Bente Krogmann and Christopher Osore, mTek has been at the forefront of digitizing insurance transactions to simplify processes, aiming to increase insurance uptake in Africa and improve access to insurance services.
The platform allows customers to purchase insurance, compare policies, and submit claims digitally, underscoring its commitment to convenience and efficiency. With plans to incorporate AI and machine learning, mTek is set to revolutionize the customer experience and operational efficiency within the insurance sector.
CEO Bente Krogmann envisions mTek as Africa’s leading insurance platform service, focusing on expanding partnerships with key industry players to stimulate innovation, enhance insurance access, and create value in the insurance ecosystem. Despite the challenges of low insurance adoption in Africa, stakeholders like Ory Okolloh of Verod-Kepple Africa Ventures believe in mTek’s potential to close the gap in market penetration.
