KENYA – Kenyan agri-fintech trailblazer, Apollo Agriculture, has successfully raised USD 10 million in a strategic funding round led by Swedfund and ImpactConnect.
This significant injection of capital will empower Apollo Agriculture to accelerate its impactful growth across Africa, particularly in Kenya, and further support smallholder farmers in achieving sustainable and profitable agricultural practices.
Apollo Agriculture leverages cutting-edge technology, including machine learning and automation, to address the unique challenges faced by smallholder farmers.
Their comprehensive platform provides farmers with access to high-quality inputs, strategic financing, and digital advisory services.
Since its inception, Apollo Agriculture has made substantial strides, positively impacting over 350,000 farmers in Kenya and Zambia.
The latest funding will play a pivotal role in expanding Apollo Agriculture’s footprint within Kenya, enabling more farmers to benefit from digital tools and financial support.
This investment is poised not only to enhance productivity and profitability but also to promote sustainable farming practices, crucial for the long-term food security of the continent.
Eli Pollak, CEO of Apollo Agriculture, expressed enthusiasm about the partnership with Swedfund and ImpactConnect, stating, “This investment positions us to rapidly scale our operations, enabling more farmers to access the essential products and financial services they need to feed their families and communities and adapt to climate change.”
The funding is expected to unlock the potential to serve an additional 400,000 farmers during the loan’s term, marking a transformative growth phase for Apollo Agriculture.
Pollak conveyed gratitude for the trust placed in their vision by Swedfund and ImpactConnect and expressed eagerness to achieve transformative growth together.
This recent funding comes on the heels of Apollo Agriculture’s remarkable USD 40 million funding round in 2022, led by SoftBank Investment, with participation from notable entities like Chan Zuckerberg Initiative, Yara Growth Ventures, CDC, and existing investors.
The company’s mission is to empower small-scale farmers by offering a one-stop-shop solution, encompassing financing, farm inputs, advice, insurance, and market access.
Founded in 2016 by Eli Pollak, Benjamin Njenga, and Earl St Sauver, Apollo Agriculture has consistently evolved its offerings.
The infusion of capital will be directed towards refining technology and expanding the range of products and services delivered to farmers.
This financial milestone positions Apollo Agriculture as a leader in leveraging technology for the advancement of agriculture in Africa, reinforcing its commitment to sustainable practices and empowering farmers for long-term success.
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