Kenya’s Apollo Agriculture secures $1m debt funding from ABC Fund
Nairobi-based Agritech startup Apollo Agriculture has announced it raised $1m in debt funding from the Agri-Business Capital Fund (ABC Fund).
Apollo Agriculture uses its digital approach to help small-scale farmers access the resources they need to maximize their profitability. The platform helps commercial farmers access financial and farming aids including financing, insurance, farming products, and optimized advice.
The startup currently serves about 60,000 farmers, having grown its customer base by three times in the last two years.
Eli Pollak, Apollo’s chief executive officer (CEO) speaking on the funding said that the will use the cash to continue scaling its solution to reach more smallholder farmers who are unable to access microfinance and commercial bank lending.
“This funding will support our strong continued growth, enabling us to help more small-scale farmers access high-quality farming inputs, advice, and insurance on credit, significantly increasing their yields and income. 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,” he said.
Emanuele Santi, fund manager for the ABC Fund at Bamboo Capital Partners also added that Apollo was an excellent example of a technology-driven business trying to reach smallholder farmers.
“Apollo’s innovative solution to help smallholder farmers maximize 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 Emmanuel.