mTek, an online insurance platform based in Kenya, has recently secured 167.8 million Kenyan shillings ($1.25 million) in funding from Verod-Kepple Africa Ventures and Founders Factory Africa. This investment aims to bolster mTek's presence in the Kenyan and broader East African insurance markets, leveraging its innovative approach to paperless transactions and digital product offerings. Founded in 2019, mTek is revolutionizing the insurance sector through technology, with a focus on increasing insurance penetration in Africa and simplifying access to insurance products directly from insurers.
Before this funding round, mTek had already raised $3 million from Finclusion Group in 2022, fueling its growth strategy, including expansion into new African markets and enhancing its user base. With plans to integrate artificial intelligence and machine learning into its processes, mTek aims to enhance customer experiences and optimize efficiency throughout the insurance value chain.