Pula Receives Investment to Provide Agricultural Insurance to Farmers

Pula, a Kenyan insurance technology startup, has secured $20 million in Series B funding to reach more farmers and build new partnerships across Africa. Global investment manager BlueOrchard led the funding round through its InsuResilience strategy. It includes IFC's $225 million venture capital platform, the Bill & Melinda Gates Foundation, Hesabu Capital and existing investors.

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Pula, a Kenyan insurance technology startup

According to Pula, the investment will help the startup achieve its "triple 100 vision", which aims to provide insurance to 100 million smallholder farmers. Thomas Njeru and Rose Goslinga founded Pula in 2015 with the aim of helping small-scale farmers obtain agricultural insurance. Specify for the startup. It aims to protect farmers from losses due to pests, diseases and extreme weather conditions. Pula reaches farmers in 22 countries through a distribution channel with more than 100 partners. It offers insurance quotes or loans for farm input costs through a digital actuarial platform based on historical data such as weather conditions. It uses this strategy instead of selling insurance directly to farmers.

The startup's partners include banks, government agencies and agricultural input companies. It has a long history of cooperation with the Zambian government, as well as alliances with the World Food Programme and the German Development Bank KfW in Ethiopia. In Amhara, where wheat rust disease is on the rise, Pula plans to step in with an insurance payout of about $800,000.

Pula had completed a $6 million Series A investment in 2021, led by TLcom Capital and with the participation of the non-profit Women's World Banking. We would also like to add. Accion Venture Lab received a $1 million seed investment from Rocher Participations in 2018 with additional support from Omidyar Network and several angel investors.