Nairobi-based agri-tech startup, Apollo Agriculture has raised $40 million in its Series B round of funding.
Investors who took part in the funding round included the Chan Zuckerberg Initiative, Yara Growth Ventures, Endeavor Catalyst, CDC, Anthemis Exponential Ventures, Flourish Ventures, Leaps by Bayer, SBI, Breyer Capital, and TO Ventures Food.
The firm says it plans to use the funding to double the number of farmers it is serving by the end 2022. It is also looking to introduce other products that deliver more value per acre of land. It also plans to use the new funding to refine its technology and deliver more products and services to farmers.
Apollo Agriculture is a technology company based in Nairobi, Kenya, that helps small-scale farmers maximize their profits. The company bundles everything a farmer needs; financing, farm inputs, advice, insurance, and market access, when possible. It uses satellite data and machine learning to enable better credit decisions and automated operations that keep costs low and processes scalable.
The firm focuses on smallholder farmers in Kenya, helping them to access technology and resources to achieve better results on their plots.
Since the close of a $6 million series A in 2020, Apollo has grown 10 times, accelerated by product financing. The agritech has also received over $16 million in debt funding over the years for onward lending.
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