Kenyan InsurTech startup Pula has raised a $6m Series A round to boost its agricultural and digital products insurance.
The raise was led by TLcom Capital with participation from Women’s World Banking, according to a TechCrunch report.
The company had previously raised $1m in seed capital from Rocher Participations, Accion Venture Lab, Omidyar Network and a smattering of angel investors in 2018.
Pula is designed to tap into the underserved small farms in Africa, who have been neglected due to traditional methods of calculating insurance through farm visits have been unaffordable for those farmers.
Pula is tackling this problem by using its machine learning-powered platform to cut through the data and provide actionable insights.
The startup is not the only InsurTech looking to tap into the underserved markets in Africa.
In South Africa, insurer Gen Re recently launched a new behavioural economics-based insurance policy for mental health.
In Kenya, InsurTech Turaco recently secured $2m in a seed round aimed to support its growth in Africa.
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