Key Takeaways:
- Apollo Agriculture, an agri-fintech startup, received a USD 10 million investment from Swedfund and ImpactConnect.
- The investment aims to aid small-scale farmers in Africa, enhancing their earnings and promoting sustainable farming.
- Apollo’s technology, using machine learning and automated operations, supports over 350,000 farmers in Kenya and Zambia.
- The new funding will expand Apollo’s reach in Kenya, targeting an additional 400,000 farmers.
- Apollo’s CEO, Eli Pollak, highlights the transformative potential of the investment for farmers and community resilience.
Apollo Agriculture received a USD 10 million investment from Swedfund and ImpactConnect
Investment Boosts Expansion
Apollo Agriculture, a prominent agri-fintech startup focused on supporting small-scale farmers across Africa, has recently announced a significant financial boost. The organization secured a USD 10 million investment from Swedfund, the Swedish development finance institution, and ImpactConnect, an investment firm. This funding is set to fuel Apollo’s rapid expansion, with a particular focus on increasing farmers’ profits and promoting sustainable agricultural practices.
Revolutionizing Farming with Technology
At the core of Apollo Agriculture’s success is its innovative use of technology. The startup employs machine learning-based credit models and automated operational technology, tailoring its services to the unique needs of small-scale farmers. This approach enables farmers to access high-quality farm products, receive well-optimized financing, and benefit from crucial digital advice. Since its inception, Apollo’s technology-driven methods have facilitated the delivery of essential farm inputs and financial services to over 350,000 small-scale farmers in Kenya and Zambia.
Broadening Horizons
The investment by Swedfund and ImpactConnect will primarily be used to expand Apollo Agriculture’s initiatives throughout Kenya. This expansion is not just about scale; it’s about empowering more small-scale farmers to adopt profitable and sustainable farming methods. Such practices are vital in building resilience against the challenges of climate change.
Leadership’s Vision
Eli Pollak, the CEO of Apollo Agriculture, expressed his enthusiasm about the new partnerships. “This collaboration with Swedfund and ImpactConnect is a significant milestone for Apollo Agriculture. The investment positions us to rapidly scale our operations, enabling more farmers to access the essential products and financial services they need,” Pollak said. He emphasized the transformative impact of this funding, which is expected to serve an additional 400,000 farmers during the loan’s term, thereby accelerating Apollo’s growth.
