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OKO secures Ksh. 129 Million seed funding to expand services to farmers Shares Insurtech start-up, OKO, has closed a Seed investment of Ksh. 129,480,000 ($1.2 million). The investment round was led by by Newfund and ResiliAnce. Mercy Corps Venture, Techstars, ImpactAssets and RaSa also participated in the round. The start-up which currently operates in Mali and Uganda, uses satellite data and mobile payments to create automated insurance products for farmers whose fields are affected adversely by weather events, primarily droughts and floods. With the new funding, OKO aims to strengthen its presence in Mali and Uganda and expand its offerings to more African markets, starting with Ivory Coast. ....
KAMPALA, Uganda, April 22, 2021 -/African Media Agency(AMA)/- OKO, an Insurtech start-up that provides inclusive agricultural insurance to secure farmers’ income across Africa, has closed a Seed investment of $1.2 million. The round was led by by Newfund and ResiliAnce. Mercy Corps Venture, Techstars, ImpactAssets and RaSa also participated in the round. The start-up which currently operates in Mali and Uganda uses satellite data and mobile payments to create automated insurance products for farmers whose fields are affected adversely by weather events primarily droughts and floods. With the new funding, OKO aims to strengthen its presence in Mali and Uganda and expand its offerings to more African markets, starting with Ivory Coast. ....
OKO secures $1.2-million in seed funding According to reports, the insurtech that provides inclusive agricultural insurance to secure farmers’ income across Africa, will be using the funding to expand its footprint in Mali and Uganda along with other African markets such as the Ivory Coast. Read more Augustin Sayer, partner at Newfund attributes their investment into the insurtech startup to its growing business model that has approximately 7 000 paying customers in Mali and compensated more than 1 000 who were impacted by the floods in 2020, positively contributing to the agricultural sector in Uganda and Mali. “We believe recent advancement in iOT and data availability will lead to the rise of parametric insurance in Africa for the benefit of the local populations. Simon and his team have built solid bases in Mali from which OKO can now expand in new countries and offer new insurance products.” ....