NAIROBI, Kenya, Mar 18 – Kenya’s digital insurance provider, mTek, has secured an investment of Sh167.5 million ($1.25 million) from Verod-Kepple Africa Ventures (VKAV) and Founders Factory Africa (FFA).
This funding aims to fuel mTek’s expansion within the Kenyan and East African insurance markets, consolidating its position as an innovative leader in insurtech.
Utilizing technology, mTek enhances transparency and efficiency to democratize insurance access across Africa, where insurance penetration has remained below 3 percent.
Through strategic partnerships and innovative solutions, mTek aims to drive operational efficiency and enhance customer experiences throughout the insurance value chain.
“As Founders Factory Africa, we are excited to partner with mTek. By providing customers with greater choice and partnering with insurers to optimize their distribution, mTek is making insurance increasingly accessible wherever it operates and lowering costs for all parties in the industry,” said Philani Mzila, Investment Manager at Founders Factory Africa.
With a focus on leveraging artificial intelligence and machine learning, mTek aims to streamline processes and expand its software-as-a Service solution for partners across the East African region.
“We are dedicated to leveraging technology such as artificial intelligence and machine learning, along with product innovation to streamline processes, enhance customer experiences, and drive operational efficiency across the insurance value chain as well as expanding our Software as a Service solution for our various partners within the East Africa region,” said Bente Krogmann, CEO of mTek.
Both VKAV and FFA express confidence in mTek’s ability to address the challenges of low insurance penetration through its superior technology platform and collaborative approach with insurers.
