Finance

Kenyan Pula raises $6mln expansion fund

Tuesday, 26 January 2021 19:05
Kenyan Pula raises $6mln expansion fund

(Ecofin Agency) - Pula, a Kenyan startup that offers digital insurance and agricultural consulting services to farmers, raised a $6 million Series A financing from VC TLcom Capital and US organization Women’s World Banking.

“With our latest funding, now is the time to break into new grounds. In our five years since launching, we’ve built strong traction for our products. However, 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,” said Co-founder Rose Goslinga (pictured).

This operation comes three years after the company obtained seed funding that enabled it to invest in its technology platform and expand its insurance products to farmers across Africa and South Asia. Pula claimed it has successfully deployed its services in rural areas in Kenya despite the Covid-19 pandemic. This new support is a step forward in Pula’s ambition to reach about 700 million smallholders in Africa.

Active in a dozen countries in Africa and South Asia, the company hopes to leverage growth opportunities in the insurance market for farmers worldwide, especially in Africa.

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