Kenyan startup Pula has successfully closed a USD 20 million Series B funding round. The company offers innovative insurance solutions to smallholder farmers across emerging markets.
Kenyan agri-tech startup Pula has successfully closed a USD 20 million Series B funding round. This substantial financial injection is set to expand the company’s innovative insurance solutions to smallholder farmers across emerging markets, offering protection against climate-related adversities such as floods and droughts.
Empowering smallholder farmers
Founded in 2015 by Rose Goslinga and Thomas Njeru, Pula specializes in delivering tailored agricultural insurance and digital products designed to help farmers manage climate risks. With its unique approach of bundling insurance products with essential farming inputs like seeds and credit, Pula is breaking new ground in making agricultural insurance more affordable and accessible. This recent funding round marks a pivotal moment in Pula’s mission to transform smallholder farming by enhancing productivity and securing incomes.
Strategic funding for expansion
The Series B round was led by BlueOrchard, a global impact investment manager, through its InsuResilience investment strategy. Additional financial support came from the International Finance Corporation (IFC) and the Private Sector Window of the Global Agriculture and Food Security Program (GAFSP). This round follows a successful USD 6 million Series A in 2021 and will primarily fund Pula’s strategic plan to scale operations and extend its reach significantly over the next five years.
A vision for growth
Pula’s co-founder Thomas Njeru said of the deal, ““Partnering with this group of like-minded investors to boost the growth of Pula globally is a very exciting milestone in driving our triple 100 vision, through which we intend to bring insurance to 100 million smallholder farmers. What started nine years ago as an unconventional idea that many deemed un-scalable is now a proven solution that has solved real needs for millions of smallholder farmers across 22 countries.”
Technological innovation
“What sets Pula apart is their innovative business model, leveraging artificial intelligence, on the ground data collection mechanisms, mobile-based registration systems, remote sensing, and end-to-end automation tools. Their digital platform has enabled them to expand into new geographies with ease and efficiency, all while keeping setup costs low. The Pula team has an unrivaled track record in the agricultural insurance space and is deeply aligned with our mission and strategy,” said Richard Hardy, private equity investment director for Africa at BlueOrchard.
Expanding geographic footprint
Since its launch, Pula has partnered with more than 70 insurance, 20 reinsurance companies, and 100 distribution partners around the world to deliver their innovative insurance solutions. This has also helped develop the capacity of local insurance and reinsurance players to understand and underwrite agricultural insurance for smallholder farmers.
Currently operating in key markets like Kenya, Nigeria, Zambia, Malawi, and Mozambique, Pula is also making strides in expanding its presence in Asia and Latin America. Managed from Switzerland with coordination from its service center in Kenya, Pula’s global footprint is set to widen, bringing resilient agricultural solutions to more regions and reinforcing the local capacity to underwrite agricultural risks.
This strategic investment in Pula not only highlights the growing investor confidence in Kenya’s agri-tech sector but also underscores the critical role of technology in transforming agriculture in emerging markets.
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