NAIROBI, Kenya, Jan 25- African InsureTech company Pula that specializes in digital and agricultural insurance has closed a USD6million (Sh660,480,000) Series A fundraise to derisk millions of smallholder farmers across Africa.
The Series A fund was led by TLcom Capital, a venture Capital with the participation of Women’s World Banking.
The new investment will be used to scale up operations in the company’s existing 13 markets across Africa.
At the same time, the funding will also help propel its expansion into Asia to power resilience and profitability for Asian smallholder farmers.
The initiative, launched in 2015 by Rose Goslinga and Thomas Njeru, designs and delivers innovative agricultural insurance and digital products to help smallholder farmers endure climate risks, improve their farming practices and bolster their incomes over time.
For smallholder farmers in emerging markets, the traditional method of calculating insurance through farm visits is often unaffordable for farmers, meaning these farmers are often neglected from financial protection against climate risks.
The company’s key clientele includes the likes of the World Food Programme, Central Bank of Nigeria, Zambian Government, and the Kenyan Government.
“In the midst of a global pandemic, farmers need assurances now more than ever and, it’s time to scale up. Having TLcom Capital and Women’s World Banking along on the journey with us, opens up many more opportunities as we build across the continent and beyond,” said Co-Founder and Co-CEO at Pula, Rose Goslinga.
“Given the legions of women engaged in small-hold farming and securing the food supply for communities around the globe, Women’s World Banking is delighted to partner with Pula Advisors in providing them financial safety nets against the risks of pests, disease and climate change,” added CIO at Women’s World Banking Christina Juhasz,
