Pula, an insurance company based in Kenya, recently secured a $20 million Series B funding led by BlueOrchard Finance Ltd as part of its InsuResilience plan.

This funding will enable the company to expand its reach and offer insurance products to more smallholder farmers across Africa.

With BlueOrchard Finance Ltd’s support, Pula will grow in agricultural insurance to offer essential financial protection to farmers against climate change and risks.

The Series B funding is a testament to the insurtech’s success and potential for growth in the insurance industry.

Since its founding in 2015, Pula has provided insurance coverage to over 15.4 million farmers across Asia, Africa, and Latin America.

Funding will fuel Pula’s expansion plans, including offering livestock insurance and establishing new partnerships.

The company aims to reach more farmers in remote areas who have limited access to insurance, particularly for their livestock.

Establishing new partnerships with local agricultural organizations and cooperatives can ensure that their insurance products are effectively marketed and distributed to those who need them.

This expansion will not only benefit farmers by providing them with much-needed financial protection but also help Pula grow its business and make a positive impact on rural communities.

The insurtech ambitious goal is to reach 100 million farmers by integrating insurance solutions into the offerings of over 100 partners.

“Partnering with this group of like-minded investors to boost the growth of Pula globally is a very exciting milestone in driving our triple 100 vision, through which we intend to bring insurance to 100 million smallholder farmers,” said Pula CEO Thomas Njeru, who co-founded the insurtech with Rose Goslinga.

This will allow the company to efficiently scale its impact and provide insurance coverage to a vast number of farmers across various regions.

By leveraging partnerships with a wide range of organizations, Pula can effectively reach farmers who may not have had access to insurance before.

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Smallholder farmers in developing countries often struggle with unpredictable weather patterns and natural disasters which can devastate their crops and livelihoods.

Limited access to financial resources also makes it difficult for these farmers to recover from such losses and invest in more resilient farming practices.

Agricultural insurance has the potential to mitigate these challenges by providing a safety net for smallholder farmers and enabling them to take risks and improve their productivity.

Pula’s approach has had a significant positive impact on farmer livelihoods by helping to increase yields through the use of improved agricultural techniques and technology.

This has not only led to improved food security for farmers and their families but has also allowed them to save more money, strengthening their household finances.

Unlike traditional insurance companies requiring individual farm assessments, Pula offers index-based insurance based on pre-determined criteria like weather or crop yields.

Pula’s offerings are affordable and accessible for even the most remote farmers due to their innovative pricing model and user-friendly technology.

By offering flexible payment plans and low premiums, Pula ensures that farmers of all income levels can afford their insurance products.

Their mobile-based platform allows farmers to easily purchase and manage their policies from anywhere, making their services accessible to even those in the most remote locations.

This combination of affordability and accessibility has made the company a game-changer in the agricultural insurance industry.

Insurtech solutions like Pula have the potential to make a significant impact on global food security and promote more sustainable agricultural practices.

Stay updated on the latest developments in insurtech to see how these innovative solutions are being implemented around the world.