Grace Ashiru
Nigerian insurtech startup Myka announced it has raised a pre‑seed funding round from a group of investors including Ventures Platform, TLcom, and notable industry founders such as Shola Akinlade of Paystack, Ridwan Olalere of LemFi, and Olumide Soyombo of Voltron Capital. The financial details of the round remain undisclosed.
Founded in 2025 by serial entrepreneur Sim Shagaya, along with Muritala Ahmed and Oluwadamilola Okenla, Myka operates as a licensed digital insurance broker that allows consumers and small and medium-sized enterprises (SMEs) to discover, compare, and purchase insurance products from multiple providers in real time. The platform is designed to tackle Nigeria’s historically low insurance penetration by making coverage more accessible through both digital and offline channels that customers already trust and use.
Myka offers a variety of insurance products including health, vehicle, mobile phone, home, and business insurance. The company works closely with leading underwriters under the regulatory supervision of Nigeria’s National Insurance Commission (NAICOM) to ensure compliance and reliability. The startup’s mission is to expand financial protection at scale, helping more Nigerians access insurance products without traditional barriers such as limited distribution or complex purchase processes.
With this funding, Myka plans to accelerate its growth, enhance its technology infrastructure, and broaden its network of insurance providers. The startup aims to play a pivotal role in improving insurance literacy, accessibility, and adoption across Nigeria, positioning itself as a key driver of financial inclusion in the country.
