OKO, a Malian climate and agritech startup that provides climate insurance for African farmers, has raised an undisclosed funding round led by Catalyst Fund, with participation from two existing investors.
The fresh capital, which the company described as a six-figure sum, will support its commercial growth and deepen its partnerships with financial institutions and agro-industries, embedding automated climate insurance into agricultural value chains to help farmers mitigate climate effects.
“With this new support, and by drawing on leading sector advisors, we are ready to expand our reach and enable partners to better serve their farmers with data-driven climate risk management solutions,” said Simon Schwall, CEO of OKO.
Climate change continues to threaten Africa’s agriculture, a sector that employs more than 60% of the continent’s workforce and underpins food security. Farmers remain highly vulnerable to droughts, floods, and other climate shocks. With insurance penetration still below 3% in Sub-Saharan Africa, climate insurance has become critical to sustaining agricultural productivity.
Founded in 2017 by Schwall and Shehzad Lokhandwall, OKO provides automated climate insurance for agricultural value chains across five African markets: Côte d’Ivoire, Mali, Uganda, Mozambique, and Angola, using satellite and mobile technology to help agribusinesses and farmers mitigate climate effects. The company claims to have protected more than 33,000 online and offline farmers and executed all validated claims payments.
“With climate volatility intensifying across Africa, insurance is no longer optional, it’s essential,” Schwall said. “We are incredibly proud to have Catalyst Fund lead this round.”
“OKO’s technology provides a powerful solution to a pressing global problem, and we believe their platform is a game-changer for financial institutions and agribusinesses seeking to mitigate risk while supporting the agricultural backbone of Africa,” said Maxime Bayen, Operating Partner at Catalyst Fund.
In 2021, the company raised a $1.2 million seed round led by Newfund and ResiliAnce, which enabled it to consolidate operations in Mali and Uganda and expand into additional African markets. In August, it was selected to join 21 other African startups in the fourth cohort of Visa’s Africa Fintech Accelerator Program.
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