The News:
- Apollo Agriculture, a Kenyan agritech startup, has secured $10 million in funding to support its expansion across Africa two years after raising $40 million in a Series B round to enhance food security and enter international markets.
- This new funding from Swedfund and ImpactConnect will enable the startup to offer essential resources to more smallholder farmers to aid profitability, promote sustainable farming methods, and enhance food security.
Apollo, founded in 2016 by Eli Pollak (CEO), Benjamin Njenga (CCO), and Earl St Sauver (CTO), assists small-scale African farmers in increasing their profits by providing access to financing, high-quality farm inputs, insurance, and tailored advice.
Over 350,000 farmers in Kenya and Zambia have received farm input products and financial services from agritech companies.
Additionally, the additional funding will help Apollo expand throughout Kenya and give more farmers access to financial support and vital digital tools. This development contributes to the agritech mission to enhance long-term food security across the continent.
Pollak discussed this development and said that the investment allows the business to quickly expand its operations, guaranteeing that more farmers have access to necessary products and financial services to feed their families and communities and prepare for climate change.
“The funding unlocks the potential to serve 400,000 additional farmers during the loan’s term, accelerating Apollo’s growth, ” he added.
Apollo has offices in three countries, including Zambia and the Netherlands, and team members in eleven countries. As of December 2023, the company had raised $64.7 million in total funding over ten rounds.
Apollo Agriculture raised $40 million in Series B funding in March 2022, led by Softbank Vision Fund 2, to expand geographically, improve its products and technology, and build a world-class team.
In 2021, it received $1 million in debt financing to support small-scale farmers. In May 2020, it closed a $6 million Series A funding round to support its expansion.
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