Apollo Agriculture secures $1 million to scale its agritech solution

Kenyan Agritech startup, Apollo Agriculture, has raised $1 million to scale its agritech solution. This is by way of a credit facility from Agri-Business Capital Fund (ABC Fund).

Apollo will use the proceeds to continue scaling its high impact ag-tech solution to reach more smallholder farmers who are unable to access microfinance and commercial bank lending.

About a year ago, the company raised $6 million series A funding led by Anthemis, including Accion Venture Lab,  Leaps by Bayer, and Flourish Ventures.

Founded in 2016, Apollo Agriculture uses machine learning and automated operations technology to help small scale farmers access the resources they need to maximise their profitability.

Undaunted by the challenges of the COVID-19 pandemic, the company has grown rapidly, nearly tripling its customer base over the last year.  Through insights from interviews with over 240 Apollo farmers, 71 per cent of farmers say their productivity has “very much increased” since working with Apollo.

Emanuele Santi, Fund Manager for the ABC Fund at Bamboo Capital Partners, says: “Apollo is an excellent example of a technology-driven business which is making a real difference to improve the lives of marginalised farming communities in Kenya. 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.”
 
Eli Pollak, CEO at Apollo Agriculture, says: “We are thrilled to partner with the ABC Fund. 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.”