Pula Raises $20 Million Series B to Extend Insurance Coverage to Millions of African Farmers in recent development. Would you love to know more about this news? All you have to do is to continue reading the content of this post.
Pula Raises $20 Million Series B
Pula, a Kenyan startup revolutionizing agricultural insurance, has secured a significant boost of $20 million in Series B funding.
Spearheaded by global investment manager BlueOrchard through its InsuResilience strategy, this funding round also sees participation from notable backers like the IFC’s $225 million venture capital platform, the Bill & Melinda Gates Foundation, Hesabu Capital, and existing investors.
This substantial investment aims to fuel Pula’s ambitious “triple 100 vision,” which seeks to extend insurance coverage to an impressive 100 million smallholder farmers across Africa.
Founded in 2015 by Thomas Njeru and Rose Goslinga, Pula’s mission is to provide crucial financial protection to farmers against the ravages of pests, diseases, and extreme weather events.
Pula Collaborates With Over 100 Partners to Reach Farmers in 22 Countries
Utilizing a unique approach, Pula collaborates with over 100 partners to reach farmers in 22 countries. Rather than selling insurance directly to farmers, Pula embeds insurance offers within farm input costs or credit, leveraging its digital actuary platform fueled by historical data such as weather patterns.
Pula’s Extensive Network of Partners
The startup boasts an extensive network of partners, including banks, government agencies, and agricultural input companies. It has also forged key alliances with global organizations like the World Food Programme and the German Development Bank KfW, alongside longstanding collaborations with governments, such as in Zambia.
In response to the recent funding, CEO Thomas Njeru expressed excitement about accelerating Pula’s growth trajectory and reiterated the commitment to its triple 100 vision. He highlighted Pula’s remarkable journey from an unconventional idea to a proven solution that addresses the real needs of millions of smallholder farmers.
Pula’s Success Underscored By Impressive Metrics
Pula’s success is underscored by impressive metrics, including an increased renewal rate of 80% among farmer groups and aggregators purchasing its insurance products. Buoyed by this momentum, the startup is poised to expand its offerings, including introducing livestock covers in countries like Kenya following a successful pilot program in Nigeria last year.
This latest funding milestone builds upon Pula’s previous achievements, including a $6 million Series A investment in 2021 led by TLcom Capital and a $1 million seed investment from Rocher Participations in 2018.
With support from investors and strategic partners, Pula is well-positioned to drive positive change and enhance resilience in Africa’s agricultural sector.
About Pula’s Business Model
The business model of Pula’s you should know relies solely on structuring, product development, and settlement of agriculture insurance solutions. And there is also the provision of digital services to the agriculture sector in general.
Is Pula an Insurance Company?
Pula is an agricultural insurance and technology company and firm that generally designs and delivers innovative agricultural insurance and digital products to help smallholder farmers to endure risks in regard to yields, improve their farming practices, and then bolster their income generations over time.
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