This initiative aims to transform rural Rwandan agriculture by making credit more accessible to agritech startups and agribusinesses.

The EIB funding will help farmers adapt to the challenges of climate change, including extreme weather events, droughts, and heavy rainfall.

These changes have significant economic, social, and commercial impacts on Rwandan agriculture.

“This initiative allows Rwandan agricultural actors to better prepare for the realities of climate change,” said a spokesperson for the EIB.

“The long-term goal is to build inclusive and resilient value chains, particularly in horticulture and aquaculture, to ensure food security for Rwanda’s 14 million citizens.”

Germany has pledged technical assistance to assess climate risks for businesses receiving funding.

This aligns with a key recommendation from COP28, which urged development finance institutions to prioritize investment in “food and agricultural systems, which are the frontline in the fight against climate change,” according to the Food and Agriculture Organization (FAO).

Rwanda has already begun embracing agroecology by providing training programs for farmers.

In the eastern district of Gahengeri, for example, over 2,000 farmers received training in 2022 on managing storage, drying facilities, irrigation systems, and hulling techniques.

This initiative was part of a corporate social responsibility program by Green Light, a subsidiary of Hyundai Motor Group.

This €100 million partnership signifies a significant investment in building a more climate-resilient and sustainable agricultural future for Rwanda.

This new capital injection will allow Pula to expand its reach and provide climate-resilient insurance solutions to thousands of smallholder farmers across emerging markets.

Founded in 2015 by Rose Goslinga and Thomas Njeru, Pula offers innovative digital tools and insurance products specifically designed to help smallholder farmers manage climate risks like floods, droughts, and other weather-related events.

By bundling insurance with essential agricultural resources like seeds and credit, Pula makes these critical financial protections more accessible and affordable than ever before.

The Series B round was led by BlueOrchard, a global impact investment firm focused on emerging markets.

Participation also came from the International Finance Corporation (IFC) and the Private Sector Window of the Global Agriculture and Food Security Program (GAFSP).

“Partnering with such a distinguished group of investors is a key milestone in achieving our ‘Triple 100 Vision,'” said Pula co-founder Thomas Njeru.

“This vision aims to reach 100 million smallholder farmers with insurance. What began as an unconventional idea just nine years ago is now a proven solution that has empowered millions of farmers across 22 countries.”

Since its inception, Pula has established partnerships with over 70 insurance companies, 20 reinsurance firms, and 100 distribution partners worldwide.

These collaborations have not only provided crucial insurance solutions to smallholders but have also fostered the development of local insurance and reinsurance expertise in agricultural risk management.

Pula currently operates in Kenya, Nigeria, Zambia, Malawi, and Mozambique, with ongoing expansion plans in Asia and Latin America.

Their operations are managed from Switzerland and coordinated through a central service center in Kenya.

“Pula’s innovative business model sets them apart,” said Richard Hardy, BlueOrchard’s Africa private equity investment director.

This new funding will allow Pula to significantly scale its operations and empower a wider network of smallholder farmers to navigate the challenges of climate change and build long-term financial resilience.