Kenyan Insurtech Pula Raises $20M to Provide Agricultural Insurance to Farmers
- Pula secures $20 million in Series B funding led by BlueOrchard.
- Focuses on increasing access to agricultural insurance to farmers.
- Currently serves 15.4 million farmers across Africa, Asia, and Latin America.
Pula, a Kenyan insurtech startup has been on the ground since 2015, committed to increasing access to agricultural insurance, especially for smallholder farmers in remote areas.
This coverage stabilizes farm incomes from insect, disease, and weather calamities such as floods and droughts.
So far, Pula offers insurance services to about 15.4 million growers in Africa, Asia, and Latin America. The brand got a fresh $20 million in the series-B round of funding, which the company intends to use to build new alliances, such as livestock insurance.
The funding round was led by BlueOrchard, the global asset manager that wants to provide climate insurance in the developing world with the help of the InsuResilience strategy.
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Also, some other investors participated in the round are IFC, Bill & Melinda Gates Foundation, Hesabu Capital, and existing investors.
Thomas Njeru, who co-founded the startup with Rose Goslinga was delighted to partner with like-minded investors to attract a global market.
He also mentioned the kind of zeal that the company has in this endeavor by making known their target of providing insurance to 100 million smallholder farmers. This vision has helped millions of farmers in 22 countries so far.
Edited by Shruti Thapa
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