Kenyan agritech startup, Apollo Agriculture, has secured $10 million in funding from Swedfund and ImpactConnect to expand its reach across Africa.
This comes two years after raising $40 million in a Series B round. The funds will empower Apollo to provide essential resources to more small-scale farmers, promoting profitability, sustainable farming methods, and food security.
Founded in 2016 by Eli Pollak (CEO), Benjamin Njenga (CCO), and Earl St Sauver (CTO), Apollo supports African farmers by offering financing, high-quality farm inputs, insurance, and tailored advice. So far, over 350,000 farmers in Kenya and Zambia have benefited from the company’s services.
The additional funding will help Apollo extend its presence throughout Kenya, providing more farmers with financial support and essential digital tools.
Eli Pollak emphasized that the investment enables the company to rapidly expand operations, ensuring more farmers can access necessary products and financial services to feed their families, communities, and prepare for climate change. Pollak expressed excitement about serving an additional 400,000 farmers during the loan’s term, accelerating Apollo’s growth.
As of December 2023, Apollo Agriculture has offices in three countries, including Zambia and the Netherlands, with team members in eleven countries.
The company has raised a total of $64.7 million in funding over ten rounds. In March 2022, it raised $40 million in a Series B round led by Softbank Vision Fund 2, aiming to expand geographically, improve products and technology, and build a world-class team. In previous years, Apollo received additional funding to support small-scale farmers and facilitate expansion.
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