Kenyan insurance-tech start-up, Pula, has raised $6 million in its Series A round of funding. The start-up specialises in digital and agricultural insurance to protect smallholder farmers in Africa from risk.
Pula delivers agricultural insurance and digital products to help smallholder farmers improve their farming practices, navigate climate risks, and bolster their incomes over time.
Through its Area Yield Index Insurance product, the startup leverages machine learning, crop-cut experiments and data points relating to weather patterns and farmer losses, so as to build products that cater to various risks.
Investors who took part in the round include early-stage venture capital firm, TLcom Capital and Women’s World Banking. As part of the fundraising, TLcom’s senior partner Omobola Johnson will join Pula’s board.
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According to Pula, the fund will be used to scale up operations in its existing 13 markets across Africa which are Senegal, Ghana, Mali, Nigeria, Ethiopia, Madagascar, Tanzania, Kenya, Rwanda, Uganda, Zambia, Malawi, and Mozambique.
In 2018, Pula raised another $1 million in seed investment from Rocher Participations, Accion Venture Lab, Omidyar Network, and several angel investors.
Furthermore, the company is looking to propel its expansion for smallholder farmers in Asia and Latin America.
Its clientele includes the World Food Programme, Central Bank of Nigeria, and the Zambian and Kenyan governments. Social enterprises like One Acre Fund, startups like Apollo Agriculture and agribusiness giants like Flour Mills and Export Trading Group are also among Pula’s clients.