Pula, a Kenyan insurtech company, has raised $20 million in Series B funding to expand its mission of providing smallholder farmers across Africa with access to affordable insurance.
Led by global investment manager BlueOrchard, the funding round also saw participation from the International Finance Corporation (IFC), the Bill & Melinda Gates Foundation, Hesabu Capital, and existing investors.
Pula aims to use the fresh capital to achieve its “triple 100 vision”: insuring 100 million smallholder farmers against threats like pests, diseases, and extreme weather. Founded in 2015, Pula offers insurance through a network of over 100 partners, reaching farmers in 22 countries.
The company leverages a digital platform to analyze historical data and design customized insurance products. Partnerships with organizations like the World Food Programme and governments like Zambia’s demonstrate Pula’s commitment to agricultural resilience.
Pula recently announced an $800,000 payout to Ethiopian farmers battling wheat rust disease, highlighting its role in supporting farmers during crises.
“We are excited about the potential growth this funding unlocks,” said Pula’s Chief Executive Officer (CEO) Thomas Njeru. “This is a pivotal moment in accelerating our reach and impact.”
With a proven track record and high customer retention rates, Pula plans to expand its livestock insurance offerings following a successful pilot program in Nigeria.
This recent funding round positions Pula to further empower African farmers and strengthen the continent’s agricultural sector.