Kenyan startup Pula just got a big boost of $20 million in funding! This money will help them reach even more farmers in Africa and make new partnerships.
BlueOrchard, a global investment manager, led the funding round. Other backers include the IFC, the Bill & Melinda Gates Foundation, Hesabu Capital, and some existing investors.
Pula wants to achieve its “triple 100 vision” with this investment. That means they aim to provide insurance to 100 million smallholder farmers. Thomas Njeru and Rose Goslinga started Pula in 2015 to help small-scale farmers get agricultural insurance. Their goal is to protect farmers from things like pests, diseases, and bad weather.
Pula works with over 100 partners in 22 countries to reach farmers. Instead of selling insurance directly to farmers, they embed insurance offers in farm input costs or credit. They use a digital platform based on past data like weather patterns to do this.
Their partners include banks, government agencies, and agricultural companies. They’ve also teamed up with organisations like the World Food Programme and the German Development Bank KfW.
In places like Amhara, where wheat rust disease is a problem, Pula plans to help with insurance payouts of around $800,000. Thomas Njeru, Pula’s CEO, is thrilled about the new funding. He says it’s a big step towards their goal of helping 100 million farmers.
Pula’s success is clear. They’ve got an 80% renewal rate for their insurance products, showing that farmers are happy with what they offer. Now, they’re planning to introduce insurance for livestock in countries like Kenya, following a successful pilot program in Nigeria.
This isn’t the first time Pula has received funding. They got $6 million in Series A funding in 2021 and $1 million in seed funding in 2018. With all this support, Pula is set to keep making a big difference for farmers across Africa.
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