Kenyan agricultural insurance and technology company Pula has closed a US$20 million Series B funding round to help thousands of smallholder farmers in emerging markets gain access to insurance against floods, droughts, and other climate-related events.
Launched in 2015 by Rose Goslinga and Thomas Njeru, Pula designs and delivers innovative agricultural insurance and digital products to help smallholder farmers endure climate risks, improve their farming practices and bolster their incomes over time.
By bundling insurance with other essential products like seeds and credit, Pula is making insurance more affordable and accessible than ever before. The startup raised a US$6 million Series A round back in 2021, and has now banked a US$20 million Series B round that will enable Pula to scale its operations and significantly expand its reach over the next five years.
The funding round was led by BlueOrchard, a global impact investment manager and member of the Schroders Group, via its InsuResilience strategy, while fundraising also came from IFC and the Private Sector Window of the Global Agriculture and Food Security Program (GAFSP).
“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,” said Njeru.
Since its inception, Pula has partnered with over 70 insurance, 20 reinsurance companies, and 100 distribution partners across the globe 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, Pula’s main markets span across Kenya, Nigeria, Zambia, Malawi, Mozambique, and they are expanding their presence in Asia and Latin America. These markets are managed from Switzerland and coordinated from the Kenya service centre.
“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.
