The company says the fresh funding, characterized broadly as a six-figure sum, will fuel its commercial expansion and intensify its collaboration with financial institutions and agribusinesses, embedding climate insurance more deeply into agricultural value chains so that farmers can better cope with climate risks.

Simon Schwall, OKO’s CEO, said the company will leverage the new capital and advice from sector specialists to extend its footprint and equip its partners to offer “data-driven climate risk management solutions” to farmers.

Founded in 2017 by Schwall and Shehzad Lokhandwall, OKO operates across five African markets: Côte d’Ivoire, Mali, Uganda, Mozambique, and Angola.

Its model uses satellite and mobile technologies to issue automated climate insurance policies along agricultural value chains, protecting farmers and agribusinesses from climate shocks.

To date, OKO asserts it has insured over 33,000 farmers — both digitally and through offline channels — and paid out all validated claims.

Schwall emphasized the urgency of the moment, noting that with climate volatility worsening across Africa, insurance is “no longer optional, it’s essential.” He also expressed pride that Catalyst Fund is leading this round.

Meanwhile, Catalyst Fund’s Maxime Bayen (Operating Partner) praised OKO’s technology as “a powerful solution to a pressing global problem” and dubbed the platform a potential “game-changer” for financial institutions and agribusinesses aiming to manage agricultural risk while supporting Africa’s farming sector.

OKO has in recent months navigated headwinds. For example, when U.S. foreign aid allocations tied to USAID were frozen, OKO temporarily lost expected funding, prompting the startup to explore alternative sources of backing.