Kenya-based insurtech firm, mTek, has secured a substantial $1.25 million investment from Verod-Kepple Africa Ventures (VKAV) and Founders Factory Africa (FFA), signaling a significant boost for the region’s digital insurance landscape.
The investment comes at a crucial juncture for mTek, positioning the company to accelerate its expansion efforts within both the Kenyan and broader East African insurance markets. With a focus on driving innovation and enhancing accessibility, mTek plans to deploy the funds to strengthen its operational infrastructure and solidify its position as a frontrunner in insurtech advancements.
Bente Krogmann, CEO of mTek, expressed enthusiasm for the strategic partnership with VKAV and FFA, emphasizing the company’s commitment to fostering collaboration across the insurance ecosystem. Leveraging advanced technologies such as artificial intelligence and machine learning, mTek aims to streamline insurance processes, improve customer experiences, and address the persistent issue of low insurance penetration rates in Africa.
Ory Okolloh, Partner at VKAV, highlighted mTek’s potential to overcome the challenges inhibiting insurance adoption in Africa, citing the company’s innovative technology platform and strategic alliances as key drivers of change.
Similarly, Philani Mzila, Investment Manager at Founders Factory Africa, commended mTek’s efforts to democratize insurance access and optimize distribution channels. Mzila emphasized the importance of mTek’s initiatives in making insurance more accessible and cost-effective for consumers and insurers alike.
As mTek embarks on its expansion journey fueled by substantial investment and a commitment to innovation, the company aims to redefine the future of insurance in Africa, unlocking new opportunities and driving inclusive growth across the continent’s insurance landscape.
photo source: Google
By: Montel Kamau
Serrari Financial Analyst
19th March, 2024
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