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HomeFunding RoundsKenyan agri-tech startup Apollo Agriculture raises $10m debt funding.

Kenyan agri-tech startup Apollo Agriculture raises $10m debt funding.

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Kenyan agri-tech startup Apollo Agriculture raises $10m debt funding. Apollo Agriculture is a commercial farming platform that helps small-scale farmers maximize their profits and has now raised US$10 million in funding to help it continue to grow.

The Kenyan startup was founded in 2019. Apollo Agriculture empowers farmers to increase their profitability with access to financing, high-quality farm inputs, insurance, and optimized advice. At Apollo, their goal is to bring commercial farming to everyone. That means providing farmers the financing they need so they can buy better products, increase their harvest, and turn their subsistence farming into commercial farming.

This startup uses the power of machine learning, remote sensing, and mobile payments to assess farm credit risk. They have established a self-managing network, connecting thousands of agents and retailers. This network facilitates the efficient last-mile delivery of essential farm inputs and services directly to small-scale farmers.

See Also: Kenyan agri-tech Shamba Pride has closed $3.7M to grow its merchant network.

Apollo Agriculture has made a significant impact by supporting more than 350,000 small-scale farmers in Kenya and Zambia. In their latest achievement, they secured $10 million in debt funding from Swedfund and ImpactConnect, with implementation facilitated by DEG. The investment will fuel Apollo’s expansion in Kenya, enabling more farmers to thrive, adapt 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.

How Apollo Agriculture Works

Farmers can buy inputs with Apollo in cash or credit.

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When farmers make their purchases on credit, they apply for financing and receive an immediate credit decision, all thanks to the advanced machine learning credit models developed by Apollo.

Next, the farmer chooses through Apollo’s digital store the products they require. They can easily pick up these chosen items at the nearby agrodealer in their village. Through partnerships with over a thousand agrodealers, Apollo ensures that their farmers have easy access to the products they need.

Every farmer undergoes the best agricultural training. For those who make credit purchases, Apollo provides insurance coverage safeguarding their investments from unforeseen circumstances.

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