Empowering Nigerian Farmers Against Banditry and Beyond
Pula, a pioneering agric insurance technology company based in Kenya, has secured $20 million in a Series B funding round. The funding marks a significant milestone for Pula, enabling it to broaden its scope beyond its current pilot program in Nigeria, offering comprehensive insurance coverage to rural farmers. The expansion will now include livestock insurance, a critical step in its mission to serve small-holder farmers across emerging markets.
Investors Driving Impactful Innovation
The Series B round was led by BlueOrchard through its InsuResilience strategy, dedicated to providing climate insurance access to vulnerable populations in emerging markets. Additionally, notable participants included the International Finance Corporation (IFC) through its $225 million venture capital fund, the Bill and Melinda Gates Foundation, and Hesabu Capital, among others. This consortium of investors underscores a shared vision for driving positive change and fostering financial inclusion in agricultural communities.
CEO Vision and Growth Trajectory
Thomas Njeru, CEO of Pula, expressed excitement about partnering with like-minded investors to propel the startup's global growth. He emphasized Pula's ambitious "triple 100 vision," aiming to provide insurance to 100 million smallholder farmers worldwide. Njeru highlighted Pula's evolution from an unconventional idea to a proven solution, serving the real needs of millions of farmers across 22 countries.
Revolutionizing Agricultural Insurance Distribution
Founded in 2015 by Thomas Njeru and Rose Goslinga, Pula has revolutionized agricultural insurance distribution by establishing a network of over 100 partners. These partners include charitable organizations, banks, governments, and agricultural input companies, ensuring widespread coverage even in remote areas. Pula's approach focuses on "embedded insurance," integrating insurance into farm input costs or credit, thereby enhancing accessibility for farmers.
Transformative Impact and Customized Solutions
Pula's impact extends to 15.4 million farmers across Africa, Asia, and Latin America, with customized products tailored to meet the diverse needs of its clients. Leveraging historical data and its digital actuary platform, Pula designs products to mitigate risks associated with pests, diseases, and extreme weather events. The startup's success is evident in increased investment, yields, and household savings among farmers.
Expansion into Livestock Insurance and Beyond
With the new funding, Pula is poised to introduce livestock insurance in markets like Kenya, building on the success of its crop insurance products. The startup's pilot program in Nigeria, offering comprehensive coverage against banditry, disease, and animal mortality, sets the stage for further expansion. Pula's collaborations extend to Asia and Latin America, with initiatives aimed at embedding insurance in agricultural programs and input voucher schemes.
Driving Impactful Innovation and Growth
Pula's journey signifies a transformative shift in agricultural insurance, empowering farmers and fostering economic resilience. Through strategic partnerships and innovative solutions, Pula is set to make a profound impact on the livelihoods of farmers worldwide, driving sustainable growth and prosperity in agricultural communities.
