In development finance, few topics provoke more quiet discomfort than this one: Should for-profit companies receive grant funding? To critics, the answer is obvious. Grants distort markets. They subsidize inefficiency. They pick winners. And in doing so, they risk creating businesses that cannot stand on their own. Yet, in much of the world where markets are still being built rather than competed in, this critique misses something fundamental. As Fiona Hoffman-Harland, Head of Partnerships and Consulting at Pula, puts it, "There are a lot more risks and barriers to growing a business in emerging markets. In many cases, you have a first mover disadvantage, rather than advantage.” This distinction reframes the debate entirely. From Boardrooms to The Field: A Different View of Capital Hoffman-Harland did not begin her career in development. She spent her early career in Uganda, building businesses from the ground up, far from the abstractions of capital theory. “I’ve always believed in business as a way of economic development,” she says. “Creating stable, successful businesses that generate jobs and build the economy.” Her belief led her into the funding world, spanning both investment and philanthropy. The First-Mover Disadvantage In Silicon Valley, being first confers an advantage. In rural markets across Africa, it often does the opposite. Companies entering these markets must build the entire ecosystem before they can launch the products. "It involves high setup costs and the need for ecosystem building that does not make commercial sense for the private sector to fund. It is also too costly for an early stage company to invest in while keeping the lights on,” Consider what this means in practice. A company selling solar home systems does not only sell energy. It must invent credit models, payment systems, and distribution channels. A firm offering agricultural insurance must invest in data infrastructure, farmer and government education, and policy alignment, often before revenue is viable. These are not competitive advantages. They are public goods. And public goods, by definition, do not generate immediate commercial returns. Why For-Profit Companies Still Need Grants This is where philanthropic finance enters. “For-profit companies still need grants to cover high setup and ecosystem building costs,” Hoffman-Harland notes. At Pula, this has taken concrete forms. Grant capital has supported the design of insurance products for lower-income farmers, piloting innovative financing mechanisms, government program development, and the expansion into underserved demographics of female farmers. These efforts require research, iteration, and distribution models that may take years to become viable. A Sector in Transition The role of this capital is becoming more urgent as the development landscape shifts. Hoffman-Harland describes a sector at an inflection point. “The development space… is undergoing a transformation ,” she says. The traditional model, often characterized by short-term projects and fragmented interventions, is hopefully giving way to a focus on long-term systems. Sustainable growth, she argues, depends on moving “away from a handout culture toward an empowerment culture,” where businesses generate jobs, incomes, thus diminishing the public's reliance on aid. Beyond Grants: The Discipline of Partnership The answer to sustainable growth lies in public–private–social partnerships, but this is also where many initiatives fail. Breakdowns often stem from misaligned expectations. Funders may expect rapid scale or immediate commercial viability. Companies, in turn, may pursue projects that are peripheral to their core business simply to access funding. “Projects that are tangential to an early-stage company’s core business or growth strategy are a recipe for disaster,” Hoffman-Harland warns. The discipline, then, lies in alignment. Grants must support pathways that lead to sustainable revenue, whereas companies must resist the temptation to chase capital at the expense of coherence. The Role of Philanthropic Finance, Reconsidered The debate over grants to for-profit companies is unlikely to disappear. But the terms of that debate may need updating. Philanthropic finance is not about supporting companies but about making markets possible. Or, as Hoffman-Harland frames it, it is about “accelerating the ability for the private sector to grow in a systemic way”. That distinction is subtle. But it may be the difference between projects that deliver outputs, and systems that endure.

Scaling Climate Resilience Across Africa Last week in Frankfurt, the Africa Climate Insurance Symposium brought together 80+ leaders from over 20 countries across governments, insurers, reinsurers, and development sectors. Across sessions and workshops, the focus moved decisively from pilots to national-scale systems, and from conceptualisation to implementation. Countries shared what is already working. Insurers and reinsurers aligned on how to build domestic capacity. Development partners engaged on how to structure financing that enables scale. Agricultural insurance is no longer a concept being tested. It is the core infrastructure for climate resilience and agricultural transformation. A big thank you to our co-organizers BlueOrchard, Frankfurt School, KfW, and the Nordic Development Fund, and to all participants who contributed to making this a truly outcome-driven convening. Click to access the symposium presentations.

We are honoured to join as a founding member of the Mobilising for Resilience platform, initiated by the IFC - International Finance Corporation and the COP Resilience Hub. Scroll to learn more about the platform and the vision behind what we can achieve together.

Agriculture digitalisation and public digital infrastructure were among the most discussed themes at COP30. Click through to see highlights from our side event on how data and AI can unlock investment, resilience, and scalable climate solutions across Africa. Huge thanks to our partners for making this meaningful discussion possible The World Bank   Africa Climate and Energy Nexus (AfCEN)   Green Generation Initiative   African Development Bank Group   United Nations   Nigar Arpadarai   Valerie Hickey   Nabil Janmohamed   alhamdou dorsouma   Elizabeth Wathuti H.S.C , O.G.W   Joseph N.   Carren Mwanzia

Hearing directly from smallholder and family farmers on the frontlines at COP30! Pula,  Bayer Foundation , and the  World Rural Forum  brought together a powerful conversation on how public–private partnerships, strong government leadership, farmer ownership, and development partners can scale farmer-led adaptation into national programs that strengthen food systems. Scroll to explore the key highlights from the discussion.

SCALING PUBLIC PRIVATE PARTNERSHIPS FOR AFRICAN FOOD SYSTEMS We hosted a side event at Casa Bayer together with  Bayer Foundation  and the @Zambia Ministry of Fisheries & Livestock to explore how climate insurance, technology, and strong public–private partnerships can reshape African food systems. Swipe through to learn more about Bayer’s vision, and how Pula is working with the Ministry of Fisheries & Livestock to scale this work across Zambia in the coming years.

Driving Climate Resilience Across Nigeria’s Agricultural Landscape In partnership with the Presidential Food Systems Coordination Unit (PFSCU),  Bayer Foundation ,  Leadway  Assurance, and the  Pula Foundation , we are advancing climate-smart agriculture in Nigeria. Together, we co-created the National Agribusiness Planning Mechanism Risk Mitigation system — embedding climate risk management into agricultural policy and farmer support systems at a national level. To bring government closer to communities, the partnership also launched the Harvesting Hope Caravan — a mobile extension platform delivering workshops on risk mitigation, harvesting, and post-harvest practices, while engaging women’s groups in the shea value chain to strengthen local resilience. By connecting policy leadership, catalytic financing, and data-driven insurance, this collaboration is setting a new benchmark for how Nigeria can build resilience from the ground up.

A Milestone for Farmer Resilience in Kenya 🇰🇪 Pula is proud to support the Government of Kenya in embedding agricultural insurance into the national fertilizer subsidy program — reaching over 250,000 farmers with climate risk coverage. In a time when climate change is the biggest disruptor of rural livelihoods, this initiative represents a critical step toward resilience — giving farmers the confidence to invest in their farms and feed their communities. This program is made possible through the strength of partnership. We are deeply grateful to the  Kenya Ministry of Agriculture and Livestock Development   Dr Kipronoh Ronoh Paul (Phd, MBA, Bsc Comp. Sci., MCSE,CCNA) ,  Bayer Foundation ,  Lemonade  Foundation,  Sompo  Lab,  Pula Foundation  and  Etherisc  for their commitment and collaboration. Thank you to all our speakers and the incredible team who made this possible.

Last week marked a major milestone for agricultural resilience in Africa. We were proud to announce the launch of the Agricultural Insurance Consortium of Ethiopia (AICE) — a pioneering collaboration of five national insurers  Nyala Insurance S.C. ,  Oromia Insurance ,  Abay Insurance S.C ,  Ethiopian Insurance Corporation (EIC) , and Africa Insurance Company,  supported by  Ministry of Agriculture, Ethiopia ,  Ministry of Finance Ethiopia , National Bank of Ethiopia ,  Association of Ethiopian Insurers , and development partners —  Bayer Foundation ,  KfW ,  World Food Programme ,  ISF Advisors  ,  FSD Ethiopia . Together, we have committed to scale index-based insurance to 3 million smallholder farmers by 2026, strengthening food systems and protecting livelihoods in one of the most climate-vulnerable agricultural economies in the world. The establishment of the Consortium symbolizes the commitment to build a sustainable, inclusive, and technology-powered insurance ecosystem that can drive long-term agricultural transformation. We thank our team member and partners for their shared vision and action.

With the EUDR deadline fast approaching by year’s end — What’s the one thing every coffee exporter should know? And how did Uganda double its coffee exports through public-private collaboration? Find the answers in our exclusive interview with Jeremy Mpalampa, Regional General Manager (Uganda & Ethiopia) at Volcafe, as he shares how Volcafe partnered with Pula and the Government of Uganda to strengthen traceability, scale data systems, and support Uganda’s coffee sector on its path to EUDR compliance and long-term farmer resilience. As Uganda sets its sights on 20 million bags by 2030, partnerships like this are key to scaling exports while uplifting farmers. The work has only just begun and we’re excited to be part of it.

A decade ago, Pula began with a simple belief — that smallholder farmers deserve the same tools to manage risk as anyone else in the world. Ten years later, that belief has grown into a movement. Together with governments, foundations, insurers, and agribusinesses, we’ve reached over 21 million farmers across Africa and Asia, helping them face droughts, floods, and shifting markets with greater confidence. This journey was never built alone. It has been shaped by partners who shared our vision and stood with us in the field, one season at a time. As we look ahead, our focus remains clear: to reach 100 million farmers by 2030, ensuring they have access to the financial tools to invest in their farms, increase productivity, and build resilience against climate shocks. A heartfelt thank you to all our partners, clients, and teams who made this possible — here’s to the next decade of growing resilience together! A special thank you to everyone who shared their stories, insights, and time to make this report a reality.

A Historic Milestone for Benin’s Farmers! The Government of Benin approved a Presidential Decree establishing a National Agricultural Insurance Scheme that integrates insurance into loans and input distribution. This landmark reform means all Beninese farmers will now have access to agricultural insurance, helping them withstand climate shocks and securing their incomes. This achievement was only possible thanks to the vision and leadership of the Government of Benin, the Ministry of Agriculture, Livestock and Fisheries, and the unwavering commitment of FNDA Bénin, with the technical and financial support of the Swiss Agency for Development and Cooperation.