Swedfund and ImpactConnect have invested $10 million in farming support programmes envisioned by Apollo Agriculture to promote economic sustainability.
- •The collaboration is expected to expand the Agri-tech firm’s machine learning platform and boost credit services offered to small-scale farmers in Kenya and Zambia.
- •Since 2019, Apollo Agriculture has integrated more than 350,000 farmers in its operations by providing essential input products they cannot afford.
- •The Agri-tech startup successfully raised $40 million in their 2022 Series B round boosting their expansion.
“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,” said Apollo Agriculture CEO Eli Pollak.
The company distributed 7000 tonnes of fertilizers to more than 100,000 farmers in November last year.
The Africa Fertilizer Financing Mechanism provided a $2 million partial trade credit guarantee and a $219,000 grant to Apollo Agriculture to sustain the input needs of agro-dealers, retail shops, and farmers within their digital platform. The deal will run between 2024 to 2026.
Apollo Agriculture employs data science and software technology to create farmer profiles. Information obtained can be used to determine loan utilization and repayment time-frame.
The company’s goal in achieving food security involves empowering subsistence farmers to become large-scale profitable producers.