![[Kenya] Insurtech startup Pula raises $6m to scale up operations across Africa](Images/Key Industry Images/maize farming.jpg)
[Kenya] Insurtech startup Pula raises $6m to scale up operations across Africa
Nairobi-based insurtech startup Pula has closed a Series A investment of $6 million led by TLcom Capital, with the participation of Women’s World Banking.
The startup, which specializes in digital and agricultural insurance to derisk millions of smallholder farmers across Africa plans to use this new investment to scale up operations in the 13 markets existing markets in the continent.
Pula was launched in 2015 by Rose Goslinga and Thomas Njeru to deliver agricultural insurance and digital products to help smallholder farmers improve their farming practices, navigate climate risks, and bolster their incomes over time. Currently, the startup operates in Senegal, Ghana, Mali, Nigeria, Ethiopia, Madagascar, Tanzania, Kenya, Rwanda, Uganda, Zambia, Malawi and Mozambique. It is also looking to expand its operations for smallholder farmers in Asia and Latin America.
The startup says it has so far impacted over 4.3mn farmers in its markets across Africa.
“When Thomas and I launched Pula in 2015, we had one goal in mind – to build and deliver scalable insurance solutions for Africa’s 700mn smallholder farmers and with our latest funding, now is the time to break into new ground. In our five years since launching, we’ve built strong traction for our products but the fact remains that across Africa and other emerging markets, there are still millions of smallholder farmers with risks to their livelihoods that have not been covered.” Rose Goslinga, Co-Founder and Co-CEO at Pula said.
In 2018, Pula closed another $1 million in seed investment from Rocher Participations, Accion Venture Lab, Omidyar Network, and several angel investors. It has also previously raised funding from the Bill & Melinda Gates Foundation, Mulago Foundation and Mercy Corps Social Ventures.
“The potential for the insurance market for smallholder farmers in Africa is huge and under the leadership of Rose and Thomas, Pula has rapidly established a strong presence throughout the continent and has a number of high-profile clients on their books. We are confident of Pula’s potential for growth in spite of the pandemic and look forward to partnering with them as they execute the next phase of their journey.” said Maurizio Caio, Managing Partner and Founder at TLcom Capital.
