Smallholder farmers across Africa – one of the sectors most vulnerable to climate change and related disasters – now have even greater access to insurance that meets their requirements.
Kenya-based agri- and insurtech start-up Pula, which was launched in 2015, has raised US$20 million in Round B funding to help it expand its operations, reports Afrik21.
The company is already involved in climate change insurance programmes in 22 African countries, benefiting more than 15 million small-scale farmers.
The new funding round – led by Swiss global investment manager BlueOrchard and involving the International Finance Corporation, the Bill and Melinda Gates Foundation, and other investors – will allow it to add new partnerships offering insurance cover for small-scale livestock farmers, among others.
Techcrunch reports its expansion is in line with the start-up’s Triple 100 vision, which has the goal of providing insurance to 100 million smallholder farmers.
Pula has a range of insurance partners and, by using AI and historical data on weather patterns and inputs, its actuary platform is able to tailor make insurance products for any small-scale farmer.
It has a long-term partnership with Zambia, where it embeds insurance premiums with seed and fertiliser packages.
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