Small logo Subscribe to leading news on impact investing. Learn More
The Brief Originals Dealflow Signals The Impact Alpha Impact Voices Podcasts Agents of Impact Open
What's Next Capital on the Frontier Measure Better Investing in Racial Equity Beyond Trade-offs Impact en las Americas New Revivalists
Local and Inclusive Climate Finance Catalytic Capital Frontier Finance Best Practices Geographies
Slack Agent of Impact Calls Events Contribute
The Archive ImpactSpace The Accelerator Selection Tool Network Map
About Us FAQ Calendar Pricing and Payment Policy Privacy Policy Terms of Service Agreement Contact Us
Locavesting Entrepreneurship Gender Smart Return on Inclusion Good Jobs Creative economy Opportunity Zones Investing in place Housing New Schooled Well Being People on the Move Faith and investing Inclusive Fintech
Clean Energy Farmer Finance Soil Wealth Conservation Finance Financing Fish
Innovative Finance
Personal Finance Impact Management
Africa Asia Europe Latin America Middle East Oceania/Australia China Canada India United Kingdom United States
Subscribe
Features
Series
Themes
Community
Data
Subscribe Log In
More

WorldCover raises $6 million to insure Africa farmers against climate risks



ImpactAlpha, May 7 – Seventy percent of the African population depends on small-scale farming for subsistence and to earn a living. The New York-based insurance company covers climate-vulnerable small farmers in Africa from changing weather patterns. The company has raised a $6 million Series A funding round backed by MS&AD Ventures, Y Combinator, Western Technology Investment and EchoVC.

The Catalyst Fund’s gateway to financial services for the world’s next billions

WorldCover analyzes farm and climate-risk data from satellites, ground sensors, and mobile phone data and offers low-cost policies through mobile payment platforms like M-Pesa. The company has supported 30,000 farmers in Kenya, Uganda and Ghana since 2015, TechCrunch reports. WorldCover’s early backers included the Gates Foundation and JPMorgan Chase-backed Catalyst Fund for low-cost financial-services providers in underserved markets.

WorldCover isn’t the only fintech company targeting underserved, climate-vulnerable people. Others include the Munich Climate Insurance Initiative’s Livelihood Protection Policy, Fundenuse and Micrédito’s “event-based” insurance for Nicaraguan farmers and VisionFund International and Global Parametrics’ ARDIS initiative.

You might also like...