Pula, an insurtech based in Kenya, has since 2015 been keen on enhancing the access to agricultural insurance by small-holder farmers across emerging markets, shielding them against losses from pests, diseases and/or extreme weather events like floods and droughts.
“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.
Pula embeds insurance in partners’ productsInstead of selling insurance directly to farmers, Pula has built a distribution channel of over 100 partners, including charitable organizations, banks, governments and agricultural input companies, to serve even the hard-to-reach farmers, by embedding insurance, for instance, in farm input costs or credit.
Each product Pula offers is customized to suit the demands of its clients, and the needs of the beneficiary farmers.
Pula, through insurance partners, has been offering rural families in Nigeria comprehensive coverage against banditry, disease and death of animals.
Allianz Direct, a digital-first German subsidiary of the insurance giant, has acquired the French home insurance business of ailing insurtech Luko for €4.3 million (around $4.65 million).
This was both expected and unexpected: The two companies were hoping to get the green light on a deal in November.
After all, Luko ambitioned to become a European insurtech unicorn on its own, and maybe it’s now paying the price for it.
But there’s also relief for some in knowing that the company won’t be sold for parts after all — and the business unit that will live on is arguably what it should have stuck to all along.
Along the way, things became more complicated and debt mounted as it expanded in other markets and made acquisitions: German startup Coya and fellow French startup Unkle, both in 2022.
European insurtech company Getsafe has acquired deineStudienfinanzierung, an aptly named German digital platform for student loans that was showcased on the local version of “Shark Tank” in 2019.
“Student loans are the second most popular form of external student financing in Germany after [grants].
Unlike in the U.S., universities in Germany are largely tuition-free, which means that student loans are generally used to cover living expenses.
The financing volume has returned to previous levels since.”Just like Getsafe didn’t invent insurance, deineStudienfinanzierung didn’t invent student loans.
By the time customers apply for a student loan, the barriers to switch are quite high.
Hyperexponential, a London-based insurance technology (insurtech) startup that serves the property-casualty (P&C) insurance industry with “decision intelligence” for pricing, has raised $73 million in a Series B equity round of funding.
Boston-based venture capital (VC) firm Battery Ventures led the round, with participation from existing investor Highland Europe and Andreessen Horowitz (A16z).
Moreover, that Hyperexponential is bringing in high-profile U.S. VC firms points to an international roadmap, with the company confirming plans to expand beyond its current operations in the U.K. and Poland to the lucrative U.S. market.
“We’ve focused on building a capital-efficient, independent business that was both high-growth and sustainable from the outset,” said Hyperexponential co-founder and CEO Amrit Santhirasenan, in a statement.
The company also said that it plans expand into adjacent markets, including SME insurance.
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