Kenyan insurtech startup, Pula, has raised $6 million in its Series A round of funding. The startup specialises in digital and agricultural insurance to derisk smallholder farmers in Africa.
Investors who took part in the round include early-stage venture capital firm, TLcom Capital and Women’s World Banking. As part of the fundraise, TLcom’s senior partner Omobola Johnson will join Pula’s board.
According to the startup, they will use the funding to scale up operations in its existing 13 markets across Africa. These are Senegal, Ghana, Mali, Nigeria, Ethiopia, Madagascar, Tanzania, Kenya, Rwanda, Uganda, Zambia, Malawi and Mozambique. Furthermore, the company is looking to propel its expansion for smallholder farmers in Asia and Latin America.
In 2018, Pula raised another $1 million in seed investment from Rocher Participations, Accion Venture Lab, Omidyar Network, and several angel investors.
Pula delivers agricultural insurance and digital products to help smallholder farmers improve their farming practices, navigate climate risks, and bolster their incomes over time. Through its Area Yield Index Insurance product, the startup leverages machine learning, crop-cut experiments and data points relating to weather patterns and farmer losses, so as to build products that cater to various risks.
Its clientele includes the World Food Programme, Central Bank of Nigeria, and the Zambian and Kenyan governments. Social enterprises like One Acre Fund, startups like Apollo Agriculture and agribusiness giants like Flour Mills and Export Trading Group are also among Pula’s clients.