Apollo Agriculture Secures an Investment of USD 10 Million to Increase Food Security Across Africa

Source: Chan Zuckerberg Initiative

In a press release by Apollo Agriculture, the organisation, a leading agri-fintech startup dedicated to helping small-scale farmers across Africa increase their profits and farm more sustainably, has secured a USD 10 million investment from Swedfund and ImpactConnect to fuel its rapid expansion, enabling increased earnings for farmers, faster adoption of sustainable practices, and increased food security across Africa. 

Apollo Agriculture utilises machine learning-based credit models and automated operational technology to cater to small-scale farmers’ needs effectively. This allows them to access top-notch farm products, well-optimised financing, and digital advice essential for their success. Since its inception, Apollo’s technology has empowered the provision of vital farm input products and financial services to more than 350,000 small-scale farmers in Kenya and Zambia.

Furthermore, the funding provided by the Swedish development finance institution and ImpactConnect will be employed to broaden Apollo Agriculture’s initiatives throughout Kenya. This expansion aims to empower additional small-scale farmers to engage in more profitable and sustainable farming practices, enhancing their resilience to the challenges posed by climate change.  

Eli Pollak, CEO of Apollo Agriculture, expressed enthusiasm about the partnerships, stating,  “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 to feed their families and communities and adapt to climate change. This funding unlocks the potential to serve 400,000  additional farmers during the loan’s term, accelerating Apollo’s growth. We are grateful for the  trust and confidence that both Swedfund and ImpactConnect have placed in our vision, and we  look forward to achieving transformative growth together.”

 

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