Kenyan agri-tech startup Apollo Agriculture raised $10 M in Debt funding
Apollo Agriculture, a Kenyan startup that provides small-scale farmers with a commercial farming platform to maximize their profits, has raised $10 million in funding to support its growth.
Apollo Agriculture was established in 2019 to provide farmers with access to finance, premium agricultural inputs, insurance, and tailored guidance, enabling them to enhance their profitability.
The startup has developed an automatically managed network of thousands of agents and retailers that enables last-mile delivery of farm inputs and services to small-scale farmers. It also uses mobile payments, remote sensing, and machine learning to accurately underwrite farm credit risk.
Apollo Agriculture has already benefited more than 350,000 small-scale farmers in Zambia and Kenya, and it has recently raised $10 million in debt financing through ImpactConnect and Swedfund, both of which are run by DEG.
Apollo’s growth in Kenya will be fueled by the investment, allowing more farmers to prosper, adjust to climate change, and feed their communities.
“This collaboration is a significant milestone, and puts us in a strong position to continue our rapid growth towards our mission of helping small-scale farmers earn more money and farm more sustainably,” the company said.
