Pula, an insurtech startup, aims to protect vulnerable people and micro-entrepreneurs in emerging markets from the effects of climate change.
The IFC and the Private Sector Window of the Global Agriculture and Food Security Program (GAFSP) also participated in the round.
The funding will be used to expand Pula’s services, providing agricultural insurance to smallholder farmers in Africa, Asia, and Latin America. By bundling insurance with essential products like seeds and credit, Pula has made insurance more affordable and accessible, positioning itself as the largest insurtech in the climate and agricultural insurance space in Africa.
Pula’s innovative business model leverages artificial intelligence, on-the-ground data collection mechanisms, mobile-based registration systems, remote sensing, and end-to-end automation tools. This digital platform has enabled the company to expand into new geographies with ease and efficiency while keeping setup costs low.
Since its inception, Pula has partnered with over 70 insurance companies, 20 reinsurance companies, and 100 distribution partners globally to deliver innovative insurance solutions. The company has supported over 15.4 million farmers across Africa, Asia, and Latin America to get insured against floods, droughts, and other climate-related events.
Pula’s main markets currently include Kenya, Nigeria, Zambia, Malawi, and Mozambique, with expanding presence in Asia and Latin America, managed from Switzerland and coordinated from the Kenya service center.
