Pula Secures $20M for Expanding Agricultural Insurance to Smallholder Farmers
Pula, a pioneering agricultural insurance and technology startup, has secured $20 million in Series B financing. This significant investment will enable the company to expand its reach and enhance its offerings to smallholder farmers in developing nations.
Pula's innovative initiatives have already empowered many farmers to purchase insurance for the first time, safeguarding their income sources. The recent funding round was led by BlueOrchard, a global impact investment manager, under its InsuResilience strategy. Joining BlueOrchard were IFC and the Global Agriculture and Food Security Programme's Private Sector Window (GAFSP).
With the $20 million investment, Pula is poised for substantial growth over the next five years. The funds will be used to provide insurance coverage to smallholder farmers against natural disasters. This will significantly impact the lives of farmers, as nearly 80% in developing nations lack access to formal car insurance, with a staggering 97% in Africa being uninsured.
Pula, now the largest insurtech company in Africa in the agricultural and climate insurance sectors, aims to deliver insurance solutions to 100 million smallholder farmers as part of its 'triple 100 vision'. With a network of over 100 partners, Pula is committed to making insurance more affordable and accessible, transforming the lives of millions of farmers worldwide.
