Congratulations to portfolio company WorldCover on closing its $6m Series A financing led by MS&AD Ventures! WorldCover is leveraging satellite imagery to provide agriculture insurance with automated claims payouts, starting in Africa.
Although we still discuss climate change as an abstract future problem, it is a major threat to the livelihoods of farmers in the developing world. In recent years, African countries like Ghana, Kenya and Uganda have faced some of the worst droughts in the history of the continent. Ghana loses a reported $200 million in crops each year, while Kenyans are becoming food insecure by the millions. WorldCover, a NYC-based startup, is working to provide drought insurance to farmers, and creating an economic system where a poor crop yield one year won’t ruin a farmer’s future prospects.