OKO, a Malian-based insurtech startup, has successfully closed a six-figure funding round led by Catalyst Fund, with additional support from two of its existing investors. This strategic investment will enable OKO to scale its innovative climate insurance solutions across Africa, helping safeguard smallholder farmers against the growing risks of climate change.
Founded in 2017, OKO specializes in affordable, mobile-based crop insurance designed to offer financial protection to smallholder farmers facing unpredictable weather patterns. By leveraging mobile technology, OKO ensures accessibility and ease of use for farmers in remote areas, empowering them with tools to manage climate-related risks.
Operating in Ivory Coast, Mali, Uganda, Mozambique, and Angola, OKO has already made a significant impact by protecting over 33,000 farmers. The company has successfully processed and paid out all validated claims, reinforcing trust among its partners and insured clients.
The newly secured funding will be used to strengthen partnerships with financial institutions, agritech companies, and agro-industries. OKO aims to embed automated climate insurance into agricultural value chains, helping partners mitigate climate risks while enhancing the resilience of farming communities.
Simon Schwall, CEO of OKO, stated:
With climate volatility intensifying across Africa, insurance is no longer optional — it’s essential. We are incredibly proud to have Catalyst Fund lead this round. Their mission-driven approach and expertise in impact ventures and climate resilience align perfectly with our vision.
Schwall emphasized that the investment validates OKO’s progress and commitment to making climate insurance accessible to both small and large agricultural businesses across Sub-Saharan Africa. With the support of sector experts, OKO is poised to expand its reach and deliver data-driven climate risk management solutions to its partners.
Catalyst Fund highlighted OKO’s innovative model and its potential to close the climate protection gap for farmers.
Maxime Bayen, Operating Partner at Catalyst Fund, commented:
The imperative to build a more resilient and inclusive financial system is at the core of our work. OKO’s technology provides a powerful solution to a pressing global problem. We believe their platform is a game-changer for financial institutions and agribusinesses seeking to mitigate risk while supporting the agricultural backbone of Africa.
