ImpactAlpha, April 23 – Pula, a Switzerland and Kenya-based insurer, helps pair agricultural insurance with the sale of seeds and fertilizer. Pula targets unbanked and uninsured smallholder farmers in Africa. Insurance policies are underwritten and claims are assessed based on satellite and farm yield data.
The company says its policies have reached 600,000 farmers in eight countries; a pilot in India is underway.
- Seed investors… Accion’s early-stage investment arm Accion Venture Lab led Pula’s seed round with Omidyar Network, Mulago Foundation, Choiseul Africa Capital, Mercy Corps’ Social Venture Fund, and several angel investors. The amount of funding was not disclosed.
- Acceleration… Pula got early support from the Gates Foundation-backed Digital Financial Services Lab.