Amazing! A Start Up Pula raises $20M Series B

Kenya-based insurance tech company Pula raises $20M series B funding. Yes, the company that has been enhancing the agricultural insurance enhancement since 2015 reached this incredible milestone recently.

So, let’s learn about the company, its founders, and the investors in Series B funding. Follow this article for every detail.

What Is Pula? Who Are Its Founders?

Pula is a financial services company that is radically restructuring insurance using parametric insurance and technology to ensure the former uninsured market of 1.5 billion smallholders worldwide.

The company was founded by Rose Goslinga and Thomas Njeru in 2015. Thomas is the chief executive officer, whereas Rose is the president.

Similarly, the company is working across Africa and Asia. Its products have impacted over 4.9 million smallholder farmers.

Pula Raises $20M Series B Funding To Provide Agricultural Insurance

The company recently raised over $20 million for series B funding that will enable it to create new partnerships for livestock covers and others.

Renowned startups such as Israeli Cyera and Uzbekistan’s Uzum raised hundreds of millions of dollars in series B funding. So, for Pula, we can say it’s a great start.

Global investment firm BlueOrchard sponsored the financing through its InsuResilience strategy, which aims to provide vulnerable people in emerging nations with access to climate insurance.

Pula raises $20M Series B. Image Credit: Social Media.

Through its $225 million venture capital platform, the IFC, the Bill & Melinda Gates Foundation, Hesabu Capital, and previous investors all participated in the round.

Instead of selling insurance directly to farmers, Pula has established a distribution channel of over 100 partners, including charitable organizations, banks, governments, and agricultural input companies, to reach even the most remote farmers by incorporating insurance into farm input costs or credit.

Similarly, why don’t you check out Bitkraft Ventures Raises $275 Million.

Who Are Its Other Partners?

Pula has collaborated with multiple organizations to promote its cause. It is a long-term partner of the government of Zambia. Similarly, it partnered with the World Food Programme and the German Development Bank to embed insurance for over 100,000 farmers.

InsureTech claims to have observed higher investment, yields, and savings. Farmers use their products, emphasizing the benefits of agricultural insurance for emerging countries like Africa. African people, or small-scale farmers, contribute 70% of the food supply, but just 1% are covered.

As Pula raises $20M Series B in funding, we wish all the very best to the company and its employees for a dream run in the future.