{"id":42740,"date":"2021-01-26T12:22:28","date_gmt":"2021-01-26T12:22:28","guid":{"rendered":"https:\/\/new.igihe.com\/pula-raises-us-6mn-in-series-a-to-de-risk-farmers-across-africa-asia\/"},"modified":"2021-01-26T12:32:43","modified_gmt":"2021-01-26T12:32:43","slug":"pula-raises-us-6mn-in-series-a-to-de-risk-farmers-across-africa-asia","status":"publish","type":"post","link":"https:\/\/new.igihe.com\/english\/pula-raises-us-6mn-in-series-a-to-de-risk-farmers-across-africa-asia\/","title":{"rendered":"US$6mn raised to de-risk farmers across Africa, Asia"},"content":{"rendered":"

Launched in 2015 by Rose Goslinga and Thomas Njeru, Pula designs and delivers innovative agricultural insurance and digital products to help smallholder farmers endure climate risks, improve their farming practices and bolster their incomes over time. For smallholder farmers in emerging markets, the traditional method of calculating insurance through farm visits is often unaffordable for farmers, meaning these farmers are often neglected from financial protection against climate risks. <\/p>\n

Through its Area Yield Index Insurance product, Pula leverages machine learning, crop cuts experiments and data points relating to weather patterns and farmer losses to build products which caters for a variety of risks including drought, excessive rainfall, pests and diseases. The company\u2019s key clientele include the likes of the World Food Programme, Central Bank of Nigeria, Zambian Government & the Kenyan Government. Pula has also launched an NDVI Livestock insurance as an offering for livestock farmers.<\/p>\n

Speaking on the new fundraise, Co-Founder and Co-CEO at Pula, Rose Goslinga, said: \u201cWhen Thomas and I launched Pula in 2015, we had one goal in mind to build and deliver scalable insurance solutions for Africa\u2019s 700mn smallholder farmers and with our latest funding, now is the time to break into new ground. In our five years since launching, we\u2019ve 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.\u201d<\/p>\n

\u201cIn the midst of a global pandemic, farmers need assurances now more than ever and with this in mind, it\u2019s time to scale up. Having TLcom Capital and Women\u2019s World Banking along on the journey with us, opens up many more opportunities as we build across the continent and beyond.\u201d <\/p>\n

Through its partnerships with banks, governments and agricultural input companies, Pula is at the center of an ecosystem which provides insurance to smallholder farmers and has amassed 50 insurance partners, as well as six reinsurance partners.<\/p>\n

In December 2020, the startup was named as the \u201cInsurTech of the Year\u201d at the African Insurance Awards 2020 held in Lagos, Nigeria. As part of the new fundraise, TLcom\u2019s Senior Partner Omobola Johnson will join Pula\u2019s Board. <\/p>\n

Commenting on the development, Maurizio Caio, Managing Partner and Founder at TLcom Capital said: \u201cIn Pula, we found a company addressing a hugely underserved market in one of Africa\u2019s key drivers of growth and with this, an opportunity for major economic upside. 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\u2019s potential for growth in spite of the pandemic and look forward to partnering with them as they execute the next phase of their journey.\u201d<\/p>\n

Christina Juhasz, Chief Investment Officer at Women\u2019s World Banking expressed delight to partner with Pula Advisors in providing them financial safety nets against the risks of pests, disease and climate change.<\/p>\n

In 2018, Pula announced the close of its US$1mn seed round from Rocher Participations with support from Accion Venture Lab, Omidyar Network and several angel investors. Previous funders have included the Bill & Melinda Gates Foundation, Mulago Foundation and Mercy Corps Social Ventures and the company presence in Africa currently extends to Senegal, Ghana, Mali, Nigeria, Ethiopia, Madagascar, Tanzania, Kenya, Rwanda, Uganda, Zambia, Malawi and Mozambique. <\/p>\n

{{About Pula }} <\/p>\n

Pula is an agricultural Insurance and technology service provider that designs and delivers agriculture insurance and digital products that help smallholder farmers edure climate risks,improve their farming practices and bolster their incomes over time.Currently Pula has insured 4.3 Million smallholder farmers across 13 countries.Pula has won numerous awards including the Singapore Fintech Award, Women’s world banking award,African Insurance award and Credit Suisse Innovation Award <\/p>\n

{{About TLcom Capital }} <\/p>\n

Founded in 1999, TLcom has $200mn of VC assets under management across Africa, Europe and Israel and manages the $71mn TIDE Africa Fund, dedicated to technology and innovation for Sub-Saharan Africa at all stages of venture capital. The TLcom portfolio includes Twiga Foods, Andela, uLesson, and Kobo360 among others, and it has completed successful Africa VC exits with Upstream acquired by Actis and Movirtu acquired by BlackBerry. The TIDE Africa Fund delivers capital as part of a larger strategic, operational and financial support to entrepreneurs. <\/p>\n

{{About Women\u2019s World Banking }}<\/p>\n

Founded in 1979, Women\u2019s World Banking is the global leader in women\u2019s financial inclusion with the mission to expand the economic assets, participation, and power of low-income women and their households through access to financial services, knowledge, and markets. Women\u2019s World Banking\u2019s managed funds invest in innovative, emerging market financial service providers and assist them to expand their outreach to low-income women clients with targeted, scalable solutions and to increase their gender diversity in staff and management teams. Through such women-focused strategies, the funds seek to provide higher returns on investment while promoting women\u2019s economic empowerment. <\/p>\n

\"Pula<\/figure>\n","protected":false},"excerpt":{"rendered":"

{Pula, an African InsureTech service provider that specialises in digital and agricultural insurance to de-risk millions of smallholder farmers across Africa, has closed a US$6mn Series A fundraise. The Series A fund was led by TLcom Capital, with the participation of Women\u2019s World Banking. The new investment will be used to scale up operations in the company\u2019s existing 13 markets across Africa. Currently, Pula has impacted over 4.3mn farmers on the continent and the new funding will also help propel its expansion into Asia to power resilience and profitability for Asian smallholder farmers. }<\/p>\n","protected":false},"author":62,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[75],"byline":[170],"hashtag":[],"class_list":["post-42740","post","type-post","status-publish","format-standard","hentry","category-news","tag-homenews","byline-igihe"],"bylines":[{"id":170,"name":"IGIHE","slug":"igihe","description":"","image":{"id":0,"url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&f=y&r=g","alt":"Default avatar","title":"Default avatar","caption":"","mime_type":"image\/jpeg","sizes":[]},"user_id":8}],"contributors":[{"id":170,"name":"IGIHE","slug":"igihe","description":"","image":{"id":0,"url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&f=y&r=g","alt":"Default avatar","title":"Default avatar","caption":"","mime_type":"image\/jpeg","sizes":[]},"user_id":8}],"featured_image":null,"_links":{"self":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/42740","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/users\/62"}],"replies":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/comments?post=42740"}],"version-history":[{"count":0,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/42740\/revisions"}],"wp:attachment":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/media?parent=42740"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/categories?post=42740"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/tags?post=42740"},{"taxonomy":"byline","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/byline?post=42740"},{"taxonomy":"hashtag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/hashtag?post=42740"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}