Pula Insurtech Raises $20 Million Dollars in Series B Funding

If you are reading this from our website, you should join others who have subscribed to get quality tech updates in your box.

Since 2015, Kenyan insurtech Pula has been a champion for smallholder farmers across Africa, Asia, and Latin America. Their mission: to expand access to agricultural insurance, a shield against weather events, pests, and diseases that can devastate livelihoods.

Pula's impact is undeniable. Over 15.4 million farmers are now insured, and studies show a positive ripple effect. Farmers using Pula products see a 16% rise in farm investment, a 56% improvement in yields, and a staggering 170% increase in household savings. Partner insurers have also stepped up, making nearly $40 million in payouts to 900,000 farmers since Pula's inception. Customer satisfaction is high, reflected in a renewal rate of 80% for farmer groups using Pula products – exceeding industry averages.

Traditionally, high costs and lack of awareness have been major barriers to agricultural insurance for smallholder farmers. Pula tackles these challenges head-on with an unconventional approach. They've built a network of over 100 partners, including charities, banks, and agricultural input companies. This allows Pula to embed insurance directly into existing products and services. Imagine buying fertilizer or seeds and getting insurance bundled in, or having insurance seamlessly integrated into a credit program. Each insurance product is meticulously tailored to the specific needs of the partner organization and the beneficiary farmers.

Technology plays a vital role in Pula's success. Their digital actuarial platform analyzes historical data like weather patterns and past losses to design and price insurance products effectively. This data-driven approach ensures products are relevant and affordable for farmers.

A recent $20 million Series B funding round will further fuel Pula's global expansion and support the launch of new livestock insurance products. Building on their success in Africa, Pula is also setting its sights on Asia and Latin America, bringing their impactful solutions to new markets.

Livestock insurance, following a successful pilot program in Nigeria, is poised for a wider rollout in markets like Kenya. These products will offer comprehensive coverage against theft, disease, and animal death, providing much-needed security for farmers who rely on their livestock.

Pula's innovative approach is bridging the gap in agricultural insurance. By empowering millions of farmers and fostering financial security in emerging markets, Pula is making a significant impact on the lives of those who grow the world's food.

If you are reading this from our website, you should join others who have subscribed to get quality tech updates in your box.