Malian agritech startup OKO has raised a new funding round—described as a six-figure sum—to scale its climate insurance solutions for African farmers. Led by Catalyst Fund with support from existing investors, the capital will accelerate OKO’s commercial growth and deepen its integration with financial institutions and agro-industries.

Founded in 2017 by Simon Schwall and Shehzad Lokhandwall, OKO leverages satellite and mobile technology to deliver automated climate insurance across Côte d’Ivoire, Mali, Uganda, Mozambique, and Angola. With over 33,000 farmers already covered, the company aims to embed risk protection directly into agricultural value chains.

“Insurance is no longer optional—it’s essential,” said CEO Simon Schwall, citing the growing threat of climate volatility to Africa’s agriculture sector, which employs over 60% of the continent’s workforce. Sub-Saharan Africa’s insurance penetration remains below 3%, making OKO’s model increasingly vital.

Catalyst Fund’s Operating Partner Maxime Bayen praised OKO’s platform as a “game-changer” for agribusinesses and financial institutions seeking to mitigate climate risk while supporting Africa’s agricultural backbone.

OKO previously raised $1.2 million in 2021 to consolidate operations in Mali and Uganda. In August 2025, it was selected for Visa’s Africa Fintech Accelerator Program, joining 21 other high-impact startups.