Apollo Agriculture, a Nairobi based start-up that helps small scale farmers to increase their yields and earn higher income has secured a $1 million (KSh108 million) loan from ABC fund to enable it to reach more farmers in Kenya. According to information on its website, the company provides, “everything a farmer needs, financing, farm inputs, advice, insurance, and market access, when possible.”
Apollo Agriculture tripled its customer base to more than 25,000 farmers after it raised $6 million Series A funding in May 2020 from a group of investors. Eli Pollak, Apollo Agriculture CEO, said that they will use the $1 million loan to enable more small-scale farmers to access high-quality farming inputs and insurance for their farm produce. The startup will also help farmers to transition from subsistence farming to commercial farming.
ABC Fund is a blended-finance impact fund that provides financing to underserved yet profitable businesses in the agricultural value chains in developing countries. According to Emanuele Santi, a fund manager for the ABC Fund, Apollo Agriculture is a great technology-driven startup that is making a positive contribution to smallholder farmers in Kenya through its tech-driven approach.
“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,” said Emanuele Santi.
Also read: Kenya’s Apollo Agriculture Raises $6 Million Investment
