">
TechMoran
  • About Us
  • Deals
  • Jobs
  • Motoring
    • Money
  • Pitch Your Startup
  • Submit Your Post
  • Freelance Gigs
  • Travel
  • Men’s Corner
  • Dating
Saturday, February 27, 2021
  • Startups
  • Reviews
  • Insider
    • Obituaries
  • Business
  • Women
  • Blockchain
  • Columnists
  • Hacks & Facts
    • How To
  • Editions
    • US Edition
    • India Edition
    • MENA Edition
    • Asia Edition
    • Europe Edition
    • International Edition
No Result
View All Result
TechMoran
">
Home Startups

Kenya’s Insuretech startup Pula raises $6m to scale up operations in 13 markets across Africa

Milcah Lukhanyu by Milcah Lukhanyu
1 month ago
in Startups, Women
12 min read
0

Related posts

Visa announces 2021 edition of Visa everywhere initiative with $125k up for grabs

February 26, 2021
0

Gebeya Launches Gebeya Talent App to Transform African Talent Acquisition

February 26, 2021
0

StartupSouth Opens Calls For Applications for its StartupSouth Associates

February 26, 2021
0

Dispo, a new photo-sharing app raises $20m to be the anti-Instagram for generation Z

February 26, 2021
0

Pula, a Nairobi-based insuretech startup has closed a $6mn Series A fundraise led by TLcom Capital, with the participation of Women’s World Banking.

TLcom’s Senior Partner Omobola Johnson will join Pula’s Board.

Launched in 2015 by Rose Goslinga and Thomas Njeru, Pula will use the new investment to scale up operations in the company’s existing 13 markets across Africa to derisk millions of smallholder farmers across Africa.

According to Rose Goslinga, Co-Founder and Co-CEO at Pula, “When Thomas and I launched Pula in 2015, we had one goal in mind – to build and deliver scalable insurance solutions for Africa’s 700mn smallholder farmers and with our latest funding, now is the time to break into new ground. In our five years since launching, we’ve built strong traction for our products but the fact remains that across Africa and other emerging markets, there are still millions of smallholder farmers with risks to their livelihoods that have not been covered.”

In 2020, the Frankfurt School of Finance and Management (FS), as implementing agency of the InsuResilience Solutions Fund (ISF) gave a grant to Kenya’s Pula and Tanzania’s Reliance Insurance Tanzania, to design and implement climate risk insurance products.

In 2018, Pula closed $1mn seed round from Rocher Participations with support from Accion Venture Lab, Omidyar Network and several angel investors. It has also raised funding from the Bill & Melinda Gates Foundation, Mulago Foundation and Mercy Corps Social Ventures.

The startup is present in Senegal, Ghana, Mali, Nigeria, Ethiopia, Madagascar, Tanzania, Kenya, Rwanda, Uganda, Zambia, Malawi and Mozambique. Some of Pula’s key clientele include the likes of the World Food Programme, Central Bank of Nigeria, Zambian Government and the Kenyan Government.

READ  Here are all the startups pitching at Seedstars Morocco

Pula reports to have impacted over 4.3mn farmers in its markets across Africa and this new funding will also help propel its expansion into Asia to power resilience and profitability for Asian smallholder farmers. It has amassed 50 insurance partners, as well as six reinsurance partners, and was named as the “InsurTech of the Year” at the African Insurance Awards 2020 held in Lagos, Nigeria in December 2020.

“In Pula, we found a company addressing a hugely underserved market in one of Africa’s key drivers of growth and with this, an opportunity for major economic upside,” said Maurizio Caio, Managing Partner and Founder at TLcom Capital.

“The potential for the insurance market for smallholder farmers in Africa is huge and under the leadership of Rose and Thomas, Pula has rapidly established a strong presence throughout the continent and has a number of high-profile clients on their books. We are confident of Pula’s potential for growth in spite of the pandemic and look forward to partnering with them as they execute the next phase of their journey.”

Pula uses satellite technology and farm-level yield data to structure insurance products for previously unbanked, uninsured and underserved farmers to insure their crops and livestock. The firm also uses the data and digital products to help smallholder farmers endure climate risks, improve their farming practices and bolster their incomes over time.

Pula’s Area Yield Index Insurance product uses machine learning, crop cuts experiments and data points relating to weather patterns and farmer losses to build products which caters for a variety of risks including drought, excessive rainfall, pests and diseases. Most of these smallholder farmers in Africa are women.

READ  Small business owner looking for finance? OneFI's Flex Advance is looking for you

Christina Juhasz, CIO at Women’s World Banking, also states “Given the legions of women engaged in small-hold farming and securing the food supply for communities around the globe, Women’s World Banking is delighted to partner with Pula Advisors in providing them financial safety nets against the risks of pests, disease and climate change”.

Pula has recently  launched an NDVI Livestock insurance as an offering for livestock farmers.

Readers 1,543

Share

  • Click to share on Telegram (Opens in new window)
  • More
  • Click to share on Tumblr (Opens in new window)
  • Click to print (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on Pinterest (Opens in new window)
  • Click to share on Reddit (Opens in new window)
  • Click to share on Pocket (Opens in new window)

Like this:

Like Loading...

Related

Milcah Lukhanyu

Milcah Lukhanyu

Milcah Lukhanyu covers daily news briefs at TechMoran. She is the person who will probably read your press release and get the story out of it or totally trash it. Send tips to [email protected]

Related Posts

Entrepreneurship

Visa announces 2021 edition of Visa everywhere initiative with $125k up for grabs

February 26, 2021
0
Startups

Gebeya Launches Gebeya Talent App to Transform African Talent Acquisition

February 26, 2021
0
Events

StartupSouth Opens Calls For Applications for its StartupSouth Associates

February 26, 2021
0
Social media

Dispo, a new photo-sharing app raises $20m to be the anti-Instagram for generation Z

February 26, 2021
0
Startups

gnuGrid, Uganda’s remote off-grid monitoring startup raises $250,000 for expansion

February 25, 2021
0
Startups

South Africa’s API developer Stitch raises $4m to make Africa a world-leader in fintech

February 25, 2021
0
Education

Usiku Games targets 8 million primary pupils to bolster STEM learning

February 25, 2021
0
Ride Hailing

Gozem appoints Othmane Bouhlal, co-founder of French ride-hailing firm Chauffeur-Privé’s to its board

February 25, 2021
0

ADVERTISEMENT

Join our Mailing List

Loading

Recent Posts

Twitter To Start “Super Follow” Tweets You Have to Pay For

February 27, 2021

How To Add Group iMessages

February 27, 2021

Twitter Is Working on a New Anti-Troll Feature

February 27, 2021
group of african american college students closeup

8 tips that students can use to ‘learn better’

February 27, 2021

5 Totally Thoughtful Gifts That’ll Light Up Someone’s Life

February 27, 2021
">
">

Follow Us

">

There are many sites out there focused on blowing off some steam, from funny entertainment to thrilling experiences like playing online, in some cases online gaming could grant you the chance to win extra money. We came across rocketpot.io while browsing for a good btc casino online and it left us a very good impression with their wide variety of games and crypto offering.

Privacy & Cookies: This site uses cookies. By continuing to use this website, you agree to their use.
To find out more, including how to control cookies, see here: Cookie Policy

© 2019 Moran Media Group - All rights reserved TechMoran.

No Result
View All Result
  • Startups
  • Reviews
  • Insider
    • Obituaries
  • Business
  • Women
  • Blockchain
  • Columnists
  • Hacks & Facts
    • How To
  • Editions
    • US Edition
    • India Edition
    • MENA Edition
    • Asia Edition
    • Europe Edition
    • International Edition

© 2019 Moran Media Group - All rights reserved TechMoran.

Login to your account below

Forgotten Password? Sign Up

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
%d bloggers like this: