Nigerian insurtech startup Myka has successfully closed an undisclosed pre-seed funding round to enhance insurance accessibility across the country. The investment was led by Ventures Platform, with participation from TLcom and prominent tech founders Shola Akinlade, Ridwan Olalere, and Olumide Soyombo. This new capital will fuel Myka's mission to build the essential infrastructure for mass-market insurance distribution and address Nigeria's low coverage rates.
A Digital Approach to Insurance Distribution
Myka aims to fundamentally change Nigeria's insurance landscape, which has long been characterized by low penetration among consumers and small businesses. The company's strategy involves a hybrid distribution model, utilizing both digital platforms and offline channels that customers already frequent and trust. This approach is designed to overcome traditional barriers to entry, making financial protection more readily available to a wider audience.
Operating as a licensed digital insurance broker, the Myka platform empowers users to discover, compare, and purchase policies from various providers in real time. The startup offers a comprehensive suite of products, including coverage for health, vehicles, mobile devices, homes, and commercial enterprises. By simplifying the procurement process, Myka provides a transparent and efficient solution for securing essential insurance coverage.
Experienced Leadership and Strategic Investors
The backing from a consortium of esteemed investors highlights strong confidence in Myka's vision and strategic direction. Ventures Platform led the round from its Pan-African Fund II, joined by other key players like TLcom and notable angel investors from successful African startups. This strategic support provides not only capital but also invaluable industry expertise and network access for the burgeoning company.
The company was founded in 2025 by a team of seasoned professionals, including serial tech entrepreneur Sim Shagaya, Muritala Ahmed, and Oluwadamilola Okenla. Their collective experience in building and scaling technology ventures in Africa positions Myka to effectively navigate the complexities of the insurance market. This leadership is crucial as the startup works to build a robust and scalable platform for financial services.
Fueling Growth and Market Impact
With the new pre-seed funding, Myka plans to accelerate its growth trajectory by enhancing its core technology and expanding its network of underwriting partners. The investment will be instrumental in scaling operations and improving the user experience on its digital platforms. The company operates under the regulatory oversight of Nigeria’s National Insurance Commission (NAICOM), ensuring all its offerings are compliant and reliable.
Myka's long-term objective extends beyond just selling policies; it aims to improve insurance literacy and foster greater financial inclusion throughout Nigeria. By making insurance products more understandable and accessible, the startup is poised to become a key driver of change within the nation's financial ecosystem. This mission aligns with a broader push to bring more Nigerians into the formal financial system through innovative technology.
This pre-seed funding round marks a significant milestone for Myka, equipping it with the resources to challenge the status quo in Nigeria's insurance sector. By combining innovative technology with a customer-centric distribution model, the company is well-positioned to expand access to vital financial protection for millions. The journey ahead will be pivotal in demonstrating how insurtech can drive meaningful financial inclusion across the continent.