Kenyan startup; Pula, has secured an impressive 6 Million Dollars (660.42 Million Kenyan Shillings) in a round of Series A funding.
The investors who participated in the Series A round of funding Women’s World Banking, and early-stage venture capital establishment; TLcom Capital.
The senior partner of TLcom Capital; Omobola Johnson, will be joining the board of Pula.
Pula which focuses on digital and agricultural insurance to help reduce the risks for smallholder farmers in Africa, stated that the funds will be channeled towards increasing its operations in the 13 markets across Africa that it operates. The 13 markets are, Kenya, Mozambique, Senegal, Nigeria, Zambia, Madagascar, Ghana, Tanzania, Ethiopia, Malawi, Uganda, Mali, and Rwanda.
It also made it known that it is looking to kickstart its expansion for smallholder farmers in Latin America, and Asia.
Back in 2018 Pula, raised a total of 1 million dollars from Omidyar Network, Rocher Participations, Accion Venture Lab, alongside a number of several angel investors as seed investment.
The insurance tech company; Pula provides digital products and agricultural insurance products that will aid smallholder farmers in improving their farming, help them better navigate risks that come with climates, and also help them boost their incomes over time.
Pula through its Area Yield Index Insurance product will also be looking to utilize data points that have to do with losses of farmers and weather patterns, machine learning, and crop cut experiments, in order to be able to build products which will effectively help deal with numerous risks.
Pula’s cliets include Apollo Agriculture, the Kenyan government, the Zambian government, the Central Bank of Nigeria, the World Food Programme, agriculture business giants; Export Trading Group, Flour Mills, and social enterprise; One Acre Fund.
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