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InsurTech Startup, Pula, Raises $20 Million in a Series B Round

Pula Kenya

Summary

  • Pula has closed a $20 Million series B funding round led by BlueOrchard through its InsuResilience strategy.
  • The funding will be used to expand its services to provide agricultural insurance to farmers in Africa, Asia and Latin America.
  • Pula has so far supported 15.4 million farmers across Africa, Asia and Latin America to get insured. 

Pula, the agricultural insurance and technology company, has closed a $20 million series B funding round that will help provide agricultural insurance to farmers in Africa, Asia and Latin America. The insurance products help  smallholder farmers in emerging markets gain access to insurance against floods, droughts, and other climate-related events. Smallholder farmers are defined as farmers that hold less than 2 hectares of land per day and live on $2 per day or less.

Pula has so far supported over 15.4 million farmers across Africa, Asia and Latin America to get insured. 

This latest funding round was led by BlueOrchard through its InsuResilience strategy. The aim of the strategy is to protect vulnerable people and micro entrepreneurs in emerging markets from the effects of climate change by providing access to climate insurance. The  IFC and the Private Sector Window of the Global Agriculture and Food Security Program (GAFSP) also took part in this round. 

“Partnering with this group of like-minded investors to boost the growth of Pula globally is a very exciting milestone in driving our triple 100 vision, through which we intend to bring insurance to 100 million smallholder farmers. What started 9 years ago as an unconventional idea that many deemed un-scalable is now a proven solution that has solved real needs for millions of smallholder farmers across 22 countries. We are particularly excited to be working with BlueOrchard, the Bill & Melinda Gates Foundation, IFC and Hesabu to benefit from their industry expertise and networks as we grow to fulfill our joint ambition of more resilient and climate secure food systems,” said Thomas Njeru, CEO and Co-Founder of Pula.

By bundling insurance with other essential products like seeds and credit, Pula is making insurance more affordable and accessible than ever before. This strategy has positioned Pula as the largest insurtech in the climate and agricultural insurance space in Africa. Pula’s efforts have resulted in increased adoption of insurance among farmers, who have previously never purchased insurance, empowering them to protect their livelihoods. 

“What sets Pula apart is their innovative business model, leveraging artificial intelligence, on the ground data collection mechanisms, mobile-based registration systems, remote sensing, and end-to-end automation tools. Their digital platform has enabled them to expand into new geographies with ease and efficiency, all while keeping setup costs low. The Pula team has an unrivaled track record in the agricultural insurance space and is deeply aligned with our mission and strategy,” said Richard Hardy, Private Equity Investment Director Africa at BlueOrchard.

Since its inception, Pula has partnered with over 70 insurance, 20 reinsurance companies, and 100 distribution partners across the globe to deliver their innovative insurance solutions. This has also helped to develop the capacity of local insurance and reinsurance players to understand and underwrite agricultural insurance for smallholder farmers. Currently, Pula’s main markets span across Kenya, Nigeria, Zambia, Malawi, Mozambique, and they are expanding their presence in Asia and Latin America. These markets are managed from Switzerland and coordinated from the Kenya service center.

Also Read: mTek Raises $1.25 Million in Funding to Power Its Expansion in Kenya and Across the Region

About author

Editor at TechArena. I cover all things technology and review new gadgets as I get them. You can reach me on email: kaluka@techarena.co.ke
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