Pula's $20 Million Funding Boost Set to Revolutionize Agricultural Insurance

Pula's $20 Million Funding Boost Set to Revolutionize Agricultural Insurance

By Staff Writer, 16 April 2024

Pula Co-Founders: Rose Goslinga and Thomas Njeru

Pula, an innovative insurance technology company headquartered in Kenya, has announced a significant milestone with the successful closure of a $20 million Series B funding round.

This injection of capital is poised to fuel the company's expansion efforts, particularly in forging new partnerships, including ventures into livestock insurance.

Since its inception in 2015, Pula has been steadfast in its mission to democratize access to agricultural insurance for small-scale farmers in emerging economies, safeguarding them against potential losses stemming from various agricultural risks such as pests, diseases, floods, and droughts.

With a commendable track record, Pula has already extended its support to a staggering 15.4 million farmers across Africa, Asia, and Latin America, providing them with the much-needed insurance coverage.

Revolutionizing Africa's Agricultural Insurance

The Series B funding round was led by global investment manager BlueOrchard, leveraging its InsuResilience strategy aimed at broadening access to climate insurance for vulnerable populations in emerging markets.

Notable participation also came from the International Finance Corporation (IFC) through its $225 million venture capital platform, the Bill & Melinda Gates Foundation, Hesabu Capital, along with existing investors.

Expressing his enthusiasm about the partnership with the consortium of investors, Pula CEO Thomas Njeru highlighted the company's ambitious vision to extend insurance coverage to 100 million smallholder farmers globally.

Njeru, who co-founded Pula alongside Rose Goslinga, emphasized that the journey, which commenced nine years ago with an unconventional idea, has now evolved into a scalable solution that addresses the genuine needs of millions of smallholder farmers across 22 countries.

Both Njeru and Goslinga bring agricultural expertise to the table, underpinning Pula's deep-rooted commitment to serving the agricultural community.

Source: Annie Njanja / TechCrunch

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