This archive report was first published on 23 June 2021.
On June 23, 2021, Apollo Agriculture, a Nairobi-based start-up, secured a $1 million (KSh108 million) loan from ABC fund to support small-scale farmers in Kenya.
The company, which helps farmers increase their yields and earn higher income, provides financing, farm inputs, advice, insurance, and market access to its clients.
Since raising $6 million in Series A funding in May 2020, Apollo Agriculture has tripled its customer base to over 25,000 farmers.
CEO Eli Pollak plans to use the loan to enable more small-scale farmers to access high-quality farming inputs and insurance for their farm produce, helping them transition from subsistence farming to commercial farming.
ABC Fund, a blended-finance impact fund, 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 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,” said Emanuele Santi.
