The African agricultural insurance tech company Pula has raised $20 million in Series B funding. BlueOrchard led the round through its InsuResilience strategy. The round also saw participation from the International Finance Corporation (IFC), Hesabu Capital, the Bill & Melinda Gates Foundation, and the existing stakeholders.
The startup provides insurance services to farmers and offers various products to help improve agricultural practices, earn more income, and endure climate risks. Currently, Pula’s main markets include – Nigeria, Kenya, Zambia, Mozambique, and Malawi. The team is now looking to expand across Asia and Latin America.
Pula has partnered with over 70 insurance companies, 100 distribution partners, and 20 reinsurance companies worldwide. It reportedly built a distribution channel of over 100 partners, including banks, charitable organisations, governments, and agricultural input companies. This helps the team reach even the most remote farmers with embedded insurance in farm input costs or credit.
