Agricultural insurance and technology startup Pula successfully raised $20 million Series B financing round.

The $20 million raised in the Series B financing round will be utilized to provide insurance coverage to smallholder farmers in developing countries, ensuring protection against natural disasters like droughts or floods. BlueOrchard, a global impact investment manager and member of the Schroders Group, led the funding round as part of its InsuResilience strategy.

IFC and the Global Agriculture and Food Security Programme’s Private Sector Window (GAFSP) also contributed additional financial support. IFC has allocated funds from its $225 million venture capital platform, launched in November 2022, to invest in early-stage companies utilizing technological innovations to promote development. 

In the developing world, approximately 80% of smallholder farmers lack access to formal insurance, with this figure rising to an astounding 97% in Africa. To address this pressing need, Pula has established a vast network of over 100 partners, expanding their reach to a diverse range of farmers. Through the integration of insurance with other critical services like finance and seeds, Pula is enhancing the affordability and accessibility of insurance.

This approach has solidified Pula’s position as the leading insurtech company in Africa within the agricultural and climate insurance sectors.

Pula’s efforts have empowered countless farmers who had never before considered purchasing insurance, enabling them to safeguard their livelihoods.