• Added security

    Added security

    Smallholder farmers across Africa – one of the sectors most vulnerable to climate change and related disasters – now have even greater access to insurance that meets their requirements.

    Kenya-based agri- and insurtech start-up Pula, which was launched in 2015, has raised US$20 million in Round B funding to help it expand its operations, reports Afrik21.

    The company is already involved in climate change insurance programmes in 22 African countries, benefiting more than 15 million small-scale farmers.

    The new funding round – led by Swiss global investment manager BlueOrchard and involving the International Finance Corporation, the Bill and Melinda Gates Foundation, and other investors – will allow it to add new partnerships offering insurance cover for small-scale livestock farmers, among others.

    Techcrunch reports its expansion is in line with the start-up’s Triple 100 vision, which has the goal of providing insurance to 100 million smallholder farmers.

    Pula has a range of insurance partners and, by using AI and historical data on weather patterns and inputs, its actuary platform is able to tailor make insurance products for any small-scale farmer.

    It has a long-term partnership with Zambia, where it embeds insurance premiums with seed and fertiliser packages.

    14 May 2024
    Image: Freepik