Pula announced that it had raised 600 million Ksh ($ 6 million) in a Series A financing. The Series A fund was led by TLcom Capital, with participation from Women’s World Banking (WWB).
The new investment will be used to scale up operations in the company’s 13 existing markets across Africa. Currently, Pula has reached over 4.3 million farmers on the continent and the new funding will also help propel its expansion in Asia to build the resilience and profitability of small Asian farmers.
Launched in 2015 by Rose Goslinga and Thomas Njeru, Pula designs and delivers innovative agricultural and digital insurance products to help small farmers cope with climate risks, improve their farming practices and increase their income over time.
Speaking about the new fundraiser, Pula Co-Founder and Co-CEO Rose Goslinga said: “When Thomas and I started Pula in 2015, we had a goal in mind; to create and deliver scalable insurance solutions for Africa’s 700 million smallholder farmers and with our latest funding, now is the time to innovate.
Through its partnerships with banks, governments and agricultural input companies, Pula is at the center of an ecosystem that provides insurance to small farmers and has 50 insurance partners, as well as six reinsurance partners.
Maurizio Caio, Managing Partner and Founder of TLcom Capital, said: “In Pula we found a company addressing an extremely underserved market in one of Africa’s main growth engines and with that a major economic growth opportunity.
Christina Juhasz, CIO of Women’s World Banking, also said: “With the legions of women engaged in family farming and ensuring the food supply of communities around the world, the Women’s World Bank (WWB) is delighted to be partnering with Pula Advisors to provide financial safety nets against the risks of pests, disease and climate change ”.
In 2018, Pula announced the closing of its Ksh. Rocher Participations’ 100 million ($ 1 million) funding round with the support of Accion Venture Lab, Omidyar Network and several angel investors. Previous donors have included the bill; The Melinda Gates Foundation, the Mulago Foundation and Mercy Corps Social Ventures and the company’s presence in Africa currently extend to Senegal, Ghana, Mali, Nigeria, Ethiopia, Madagascar, Tanzania, Kenya, in Rwanda, Uganda, Zambia, Malawi and Mozambique.