Apollo offers farmers a comprehensive package that includes financing, farming inputs, consulting, and insurance. Apollo’s vertically integrated digital approach uses machine learning and satellite data to provide service to consumers across the full lifecycle, from acquisition to credit decisions to payback collection.
Apollo will receive a USD1 million credit facility from the ABC Fund. Apollo plans to use the funds to expand its high-impact ag-tech solution to more smallholder farmers who are unable to obtain microfinance or commercial bank loans. The investment will help to promote food security and alleviate food scarcity in rural Kenya.
The ABC Fund is a blended-finance impact fund that provides catalytic funding to underrepresented but profitable areas of developing-country agriculture value chains. Prior to its investment in Apollo, the ABC Fund had given a total of USD12 million to three Côte d’Ivoire farmer co-operatives, six small- and medium-sized agribusinesses in Burkina Faso, Ghana, Mali, and Côte d’Ivoire, and two financial institutions in Ecuador, Kenya, and Uganda that on-lend to smallholder farmers.
“Apollo is an amazing example of a technology-driven business that is making a significant difference in the lives of marginalised farming communities in Kenya,” says Emanuele Santi, Fund Manager for Bamboo Capital Partners’ ABC Fund. Apollo’s novel method for assisting smallholder farmers in increasing profitability has been demonstrated, and it is also enhancing food security and lowering shortages in the region. We are ecstatic that the ABC Fund will now have the opportunity to help Apollo scale up so that it can serve even more smallholder farmers and continue to have a good impact on the ground.”
“We are happy to join with the ABC Fund,” says Apollo Agriculture CEO Eli Pollak. This investment will help us maintain our great growth by allowing us to assist additional small-scale farmers in obtaining high-quality farming inputs, advice, and insurance on credit, allowing them to dramatically increase their yields and revenue. Apollo’s automated, tech-driven strategy is intended to assist millions of farmers in making a sustainable transition from subsistence to commercial farming. As we continue to grow, we are thrilled to have ABC Fund as a solid partner.”