Olumuyiwa Olowogboyega
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Pula, a Kenyan insurtech startup that provides agricultural insurance to smallholder farmers across Africa, has closed a $6 million Series A funding round. The startup was founded by Rose Goslinga and Thomas Njeru in 2015. Pula describes itself as being “at the center of an ecosystem that helps them manage their risks with insurance and digital solutions.”
In Africa, where technological input in smallholder farming is still at a low level, farmers face risks like climate change, pest species, and crop diseases. They manage these risks without any form of insurance, putting their financial stability at risk.
Kenyan insurtech startup Pula raises $6M Series A to derisk smallholder farmers across Africa
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Nairobi insurance startup Pula raises Sh600m in venture funding
Monday January 25 2021
By BRIAN NGUGI
Summary
Kenyan agriculture insurance startup Pula has raised $6 million (Sh660 million) from global venture capital backers for local and regional expansion.
The Nairobi based Pula that specialises in digital and agricultural insurance to derisk smallholder farmers across 13 markets in Africa said the funding will help boost its local expansion in Kenya and beyond the African continent.
Last year, Pula won the InsurTech of the Year Award during the sixth annual African Insurance Awards at an event held in Lagos, Nigeria.
Kenyan agriculture insurance startup Pula has raised $6 million (Sh660 million) from global venture capital backers for Africa and Asia expansion.
Daily Monitor
Monday January 25 2021
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Pula, an African InsureTech service provider that specialises in digital and agricultural insurance to derisk millions of smallholder farmers across Africa, has closed a $6m Series A fundraise.
The Series A fundraise was led by TLcom Capital, with the participation of Women’s World Banking. The new investment will be used to scale up operations in the company’s existing 13 markets across Africa.
Currently, Pula has impacted over 4.3mn farmers on the continent and the new funding will also help propel its expansion into Asia to power resilience and profitability for Asian smallholder farmers.
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.
Kenyan Insurtech Pula Raises $6 Million Through Series A Funding Round Led By TLcom Capital
Pula, a Kenya-based insurtech, has reportedly secured $6 million through its Series A funding round, which was led by Pan-African early-stage venture capital firm, TLcom Capital, with participation from nonprofit Women’s World Banking.
Launched in 2015, Pula claims it is on a mission to reimagine agricultural insurance to protect smallholders worldwide.
“At Pula, we are radically restructuring insurance, using technology and parametric insurance to insure the previously unbanked, uninsured, untapped market of 1.5 billion smallholders worldwide. We work across Africa and Asia, and in 2019 alone, we facilitated crop and livestock insurance cover to 1.1 million farmers and have offered our products in 11 markets from Senegal, Mali, Nigeria, Ethiopia, Kenya, Rwanda, Uganda, Tanzania, Malawi, Zambia, and Mozambique. Since starting in 2015 our products have reached over 3.4 million hous
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