Agri-Insurance Platform Pula Closes USD 20 M Series B Funding

Agricultural insurance and technology company Pula has closed a USD 20 M Series B fundraising round. The funding round was led by BlueOrchard, via its InsuResilience strategy. Other investors include the International Finance Corporation (IFC), the Bill & Melinda Gates Foundation, Hesabu Capital, and existing shareholders.

Founded in 2015, Pula provides insurance services to farmers and offer products to help improve agricultural practices, earn more income, and endure climate risks. Since its inception, Pula has partnered with over 70 insurance, 20 reinsurance companies, and 100 distribution partners across the globe(reportedly) to deliver their insurance solutions. This has also helped to develop the capacity of local insurance and reinsurance players to understand and underwrite agricultural insurance for smallholder farmers. Currently, Pula’s main markets span across Kenya, Nigeria, Zambia, Malawi, Mozambique, and they are expanding their presence in Asia and Latin America.

Pula has built a distribution channel of over 100 partners, including charitable organizations, banks, governments and agricultural input companies, to serve even the hard-to-reach farmers, by embedding insurance, for instance, in farm input costs or credit.