LI: OKO Finance
Who is it For: Farmers in emerging markets / Governments & NGOs / Mobile Network Operators
Founders: Simon Schwall
Keywords: Agritech, Insurance, Farmers, Emerging Markets, Weather, Micro Credit
Total funding: USD 225k from private investors (Barclays, Techstars, RaSa Future Fund and ImpactAssets) / USD 365k in grants / USD 90 as a loan
HQ: Tel Aviv, Israel
“Bringing Crop Insurance to Growing Markets”
OKO creates and distributes crop insurance to smallholder farmers in emerging countries, helping them to secure their income. The service is accessible to anyone with a phone, and automates claim verification using satellite data and images.
In addition to insurance, farmers can benefit from weather alerts, farming tips and access to affordable micro-credit.
With 500 million unbanked smallholder farmers in the world, the market is worth $7.5 billion globally and it is growing at a rate of 20% per year.