Tech

Kenya’s agri-tech startup Pula raises $20m funding for farmers’ insurance

Published

2 weeks ago

April 21, 2024

Kenyan agri-tech and insurance startup, Pula, has announced raising $20 million Series B funding round which will be used to help thousands of smallholder farmers in emerging markets gain access to insurance against floods, droughts, and other climate-related events.

The funding round, according to the company’s co-founder and CEO, Rose Goslinga, was led by BlueOrchard, a global impact investment manager and member of the Schroders Group, via its InsuResilience strategy, while fundraising also came from IFC and the Private Sector Window of the Global Agriculture and Food Security Program (GAFSP).

“Partnering with this group of like-minded investors to boost the growth of Pula globally is a very exciting milestone in driving our triple 100 vision, through which we intend to bring insurance to 100 million smallholder farmers,” Goslinga said.

“What started nine years ago as an unconventional idea that many deemed un-scalable is now a proven solution that has solved real needs for millions of smallholder farmers across 22 countries.

“What sets Pula apart is the innovative business model, leveraging artificial intelligence, on the ground data collection mechanisms, mobile-based registration systems, remote sensing, and end-to-end automation tools.”

Co-founder of the startup which was launched in 2015, Thomas Njeru, said “Pula designs and delivers innovative agricultural insurance and digital products to help smallholder farmers endure climate risks, improve their farming practices and bolster their incomes over time.”

“Since its inception, Pula has partnered with over 70 insurance, 20 reinsurance companies, and 100 distribution partners across the globe to deliver their innovative insurance solutions,” Njeru stated.

“This has also helped 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 expanding our presence in Asia and Latin America. These markets are managed from Switzerland and coordinated from the Kenya service centre,” he added.

Related Topics:#agriculture Agri-Tech Featured Funding Pula

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Tech

African Union, Google Africa launch campaign to celebrate creative economy

Published

1 hour ago

May 3, 2024

Akanimoh Etim

The African Union has entered a partnership with Google Africa aimed at celebrating the continent’s thriving creative economy which has “fueled innovation, create jobs, and economic growth across Africa.”

Addy Awofisayo, Head of Music for Sub-Saharan Africa, who announced the collaboration, said Google Africa, having recognized this potential, decided to team up with the African Union to launch the #DiscoverMyAfrica Shorts Challenge, a month-long campaign of the continent’s rich diversity, heritage, and vibrant spirit.

“In celebration of Africa Month, YouTube creators across Africa are invited to share short videos capturing their unique perspectives using the #DiscoverMyAfrica hashtag,” Awofisayo said.

“The challenge encourages them to showcase various facets of African life, from music and art to food, fashion, and local landmarks.

“It will be a curated playlist of African-inspired music on YouTube Music that will fuel inspiration and accompanies these creative expressions.

“This initiative goes beyond celebration. #DiscoverMyAfrica empowers African youth to share their stories and rich cultural heritage globally.

“By providing a platform for African voices, the challenge fosters cultural exchange and positions Africa as a hub of creative energy.

“It’s about unlocking the vibrant future of Africa’s creative landscape, aligning with the vision of a digitally-enabled Africa harnessing its cultural wealth for economic growth and social progress.

“YouTube is committed to supporting the diverse voices and talents that make up Africa’s creative landscape,” said Awofisayo.

He added that the “initiatives provide valuable resources and platforms for African filmmakers, musicians, and content creators to share their stories and connect with global audiences.”

The #DiscoverMyAfrica Challenge is part of the African Union’s collaborative effort in driving innovation through strategic partnership with Google, through the Office of the Youth Envoy, Make Africa Digital (MAD) initiative.

The MAD initiative is implemented under the African Union’s Digital Transformation Strategy 2020-2030 which envisions an “integrated and inclusive digital society and economy in Africa that improves the quality of life of Africa’s citizens.

Tech

Nigeria’s food delivery startup Chowdeck raises $2.5m to optimise operations

Published

23 hours ago

May 2, 2024

Akanimoh Etim

Nigeria’s on-demand food delivery startup, Chowdeck, has announced securing the sum of $2.5 million in seed funding that will enable it optimise operations and support its expansion plans into more cities across the country.

Femi Aluko, the CEO and co-founder of Chowdeck who made the announcement on Thursday, said the funds which came from investors including Y Combinator, Goodwater Capital, FounderX Ventures, Hoaq Fund, Levare Ventures, True Culture Funds and Haleakala Ventures, will will enable the startup to double down on its market leadership in the cities they are already operating in as well as lay the groundwork for further expansion into other Nigerian cities.

“We know that Nigerians love good food, and we just want to make it as easy as possible for them to access the food they desire,” Aluko said.

“Chowdeck was birthed to fulfil this purpose and we are committed to delivering truly excellent experiences for our customers, vendors and riders.

“We are pleased with the success we have achieved to date and excited to have raised these funds that will enable us to replicate that success in more parts of Nigeria, and add value to our customers, vendors, and riders in as many ways as we can,” Aluko added.

Chowdeck which was launched in Lagos in October 2021, allows customers to order meals from a variety of restaurants and have them delivered to their doorstep within 30 minutes.

A participant in the Y Combinator accelerator in 2022, Chowdeck has acquired more than 500,000 users and more than 3,000 riders, serving eight Nigerian cities including Lagos, Abuja, Ibadan, Port-Harcourt, Ilorin, Benin City, Abeokuta and Asaba.