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Myka, the Nigerian InsurTech startup founded by serial entrepreneur Sim Shagaya, has raised an undisclosed pre-Seed round led by Ventures Platform Fund.
The round saw participation from TLcom Capital and some of the biggest names in the African startup ecosystem, including Paystack co-founder Shola Akinlade, LemFi founder Ridwan Olalere, and Voltron Capital founder Olumide Soyombo. Shagaya has also invested “significantly” in this round.
The fresh capital will support Myka’s mission to build digital infrastructure for mass-market insurance distribution across Nigeria, where over 70 per cent of the population currently has no form of insurance coverage, according to the Nigerian Council of Registered Insurance Brokers (NCRIB).
The round marks the second investment from the Ventures Platform Pan-African Fund II (VP PAF II), according to a statement from Ventures Platform Fund.
Kola Aina, founding partner at Ventures Platform, explained the firm’s interest in Myka’s distribution-led approach, telling TechCabal that Ventures Platform has seen agent-based models succeed for portfolio companies such as Moniepoint, and that he was “eager to observe” the experimentation Myka would carry out as it rolled out its products.
Aina added that the firm believes there is significant untapped potential to drive insurance consumption, arguing that solving insurance access at scale could meaningfully expand and democratise prosperity across the Nigerian economy.
Founded in 2025, Myka launched its consumer-facing products this week and operates as a licensed digital insurance broker, aggregating policies from up to 17 underwriters, including AIICO, emPLE, Cornerstone, Coronation, Leadway, Rex, and Tangerine.
The platform allows users to compare and purchase coverage across motor, gadget, property, health, life, and travel categories, with policy documents delivered via WhatsApp.
Shagaya, who previously founded e-commerce platform Konga as well as uLesson and Miva Open University, said the core problem Myka aims to solve isn’t a lack of demand but a lack of distribution. He told TechCabal that the desire for protection exists among Nigerians, but “what has been lacking is the distribution of structured protection products to people who haven’t had it.”
The funding will help Myka scale its two-tiered approach: a consumer app for direct insurance purchases, and a referral-based “Partners” app that enables individuals and businesses, such as pharmacists, travel agents, and car dealers, to sell or recommend insurance products within their existing networks.
This community-distribution model, inspired by agency banking, was admitted into NAICOM’s regulatory sandbox in May as part of Myka’s Structured Customer Referral Program.
The pre-Seed fund will also go toward strengthening Myka’s claims infrastructure, which uses National Identification Number (NIN) verification, biometric checks, and AI-driven tools to streamline claims processing and reduce fraud, alongside building repair networks for gadget and motor insurance claims.
Shagaya framed Myka’s broader ambition around addressing what he called Nigeria’s most acute distribution gap. “I’ve gained a lot of experience in Nigerian distribution, and I’ve not seen that distribution problem as acute anywhere as it is in insurance,” he said, adding that “the scale of how underserved this market is staggering.”
The startup enters a competitive but growing InsurTech landscape in Nigeria that includes players like Curacel, Casava, and PaddyCover. Myka generates revenue through commissions earned from underwriters on policies sold via its platform and partner network.
With reforms under the Nigeria Insurance Industry Reform Act 2025 prioritising retail insurance and digitisation, Myka’s backers are betting that the regulatory environment, combined with a distribution-first strategy, could unlock insurance access for millions of Nigerians who have never held a policy before.
