Mali-based insurtech OKO raises $500k seed extension spherical for Ivory Coast growth

Malian insurtech startup OKO has raised a US$500,000 seed extension spherical to assist it increase to Ivory Coast and work in the direction of a Collection A.

Based in 2017, OKO develops inexpensive mobile-based crop insurance coverage merchandise to offer smallholder farmers with the monetary safety they want, no matter unstable local weather traits. The startup operates in Mali and Uganda and has thus far introduced insurance coverage to greater than 15,000 farmers.

OKO noticed a formidable 6x progress within the variety of paying clients from 2020 to 2021 and is constant to increase its attain in 2022, with new crops lined, and new partnerships signed with monetary establishments offering agricultural loans to insured farmers.

It has now closed an extension spherical of US$500,000 and introduced plans to launch within the Ivory Coast with current companions Orange, Allianz and Touton. The extension spherical got here from world impact-tech accelerator Katapult, together with three enterprise angels – Guillaume Leenhardt (CEO at Mild Finance), Henry Allard (CEO of Filhet-Allard Maritime), and Lionel Dorie founding accomplice of Augusta Power Group). OKO’s seed funding was secured in April 2021 and was value US$1.2 million. 

“Ivory Coast has all the time been a precedence marketplace for us, so once we noticed the chance to launch OKO there this yr we jumped on it. We’re bringing sturdy companions to make this growth a hit and we now have large ambitions for the months to return,” stated Simon Schwall, Co-founder and CEO of OKO.

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