Kenyan agri-tech startup Apollo Agriculture has secured a US $1million debt funding from the Agri-Business Capital Fund (ABC Fund).
Chief Executive Officer (CEO), Eli Pollak confirmed the report and said the funds will be used to continue scaling its solution to reach more smallholder farmers who are unable to access microfinance and commercial bank lending.
Based in Nairobi, Apollo Agriculture is a commercial farming platform for small-scale farmers that uses machine learning and automated operations technology to help small-scale farmers access the resources they need to maximise their profitability. It helps them access things like financing, insurance, farming products and optimised advice.
The startup, which raised a US $6 million Series A funding round in May of last year, has tripled the size of its customer base in the last year. According to the CEO, the added US $1million will support a strong continued growth that will see an increase in yields and income.
Maximizing profitability
“Apollo’s automated, tech-driven approach is designed to help millions of farmers make the transition from subsistence to commercial farmer sustainably. We are excited to have ABC Fund as a strong partner as we continue to scale,” said Mr. Pollak.
Emanuele Santi, fund manager for the ABC Fund at Bamboo Capital Partners, said Apollo was an excellent example of a technology-driven business which is making a real difference to improve the lives of marginalised farming communities in Kenya. The ABC Fund, is a blended-finance impact fund which provides catalytic financing to underserved yet profitable segments of agribusiness value chains in developing countries.
“Apollo’s innovative solution to help smallholder farmers maximise profitability is proven, and moreover, it is directly improving food security and reducing shortages in the region. We are delighted that the ABC Fund now has the opportunity to play a crucial role in scaling Apollo to enable it to reach even more smallholder farmers and continue delivering a positive impact on the ground,” said the fund manager.
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