mTek Secures $1.25 Million Investment to Drive East African Expansion

mTek Secures $1.25 Million Investment to Drive East African Expansion

By Staff Writer, 19 March 2024

Bente Krogmann, Chief Executive Officer of mTek

mTek, the digital insurance platform, has successfully secured $1.25 million (Sh167.8 million) in funding from investment partners Verod-Kepple Africa Ventures (VKAV) and Founders Factory Africa (FFA).

This investment is set to drive the company's expansion efforts within both the Kenyan and broader East African insurance markets.

Leveraging cutting-edge technology to bolster the uptake of insurance services, mTek aims to solidify its position as a pioneer in insurtech innovation with this latest round of funding.

Expressing enthusiasm about the partnership, mTek CEO Bente Krogmann stated, "We are excited to have VKAV and FFA as part of team mTek as we are building Africa's No. 1 platform as a service for the insurance ecosystem."

Krogmann further emphasized the company's commitment to strengthening strategic partnerships with various stakeholders including underwriters, regulatory bodies, banks, intermediaries, and enterprises.

The goal is to drive innovation, enhance access to insurance, and generate value for both end-users and the broader insurance ecosystem.

In pursuit of these objectives, mTek plans to harness emerging technologies such as artificial intelligence (AI) and machine learning, alongside continuous product innovation.

These initiatives aim to streamline processes, elevate customer experiences, and enhance operational efficiency across the insurance value chain.

Notably, since 2019, mTek has been at the forefront of transforming customer experiences within the insurance sector by eliminating cumbersome paperwork through the adoption of paperless transactions.

The investment comes at a time when the insurtech market is experiencing significant growth, fueled by the integration of connected devices into financial services.

As more companies prioritize business efficiency, mTek stands poised to capitalize on this trend, driving further innovation within the insurance industry.

Source: Kabui Mwangi / Business Daily Africa

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