Kenyan agricultural insurance company Pula has raised $20 million in funding to expand access to insurance for smallholder farmers across Africa, Asia, and Latin America.
Pula partners with NGOs, banks, and agricultural companies to reach remote farmers. Their insurance integrates with farm supplies or credit, making it easier for farmers to participate. The company aims to reach 100 million farmers, currently supporting over 15.4 million.
With the funding, Pula plans to introduce livestock insurance in Kenya, following a successful pilot program in Nigeria. They'll also expand operations in Asia and Latin America.
Research shows farmers using Pula's products see increased investment, yields, and savings. They've facilitated nearly $40 million in payouts to over 900,000 farmers. High renewal rates indicate customer satisfaction.
Pula is building on partnerships like the one with Zambia's government, where insurance is embedded with seed and fertilizer packages. They're also set to make their largest payout yet - $800,000 to Ethiopian wheat farmers affected by disease.
This funding will allow Pula to further empower smallholder farmers and improve food security in emerging markets.
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