Apollo Agriculture has announced a financial partnership with Swedfund and ImpactConnect. The injection of a combined $10 million in debt investment marks a pivotal moment for the agri-tech industry in Kenya and beyond, as Apollo Agriculture gears up for rapid expansion to drive increased profits, sustainable farming practices, and enhanced food security across the continent.
Apollo Agriculture’s mission is to assist small-scale farmers in Africa in maximizing their profits and adopting sustainable agricultural practices. The injection of $10 million from Swedfund, the Swedish development finance institution, and ImpactConnect is set to accelerate the startup’s growth trajectory,
At the heart of Apollo Agriculture’s success is its use of machine learning-powered credit models and automated operations technology. These tools enable the startup to efficiently serve small-scale farmers, providing access to high-quality farm products, optimized financing, and crucial digital advice necessary for success.
Since its inception, Apollo Agriculture has reached over 350,000 small-scale farmers across Kenya and Zambia. The newly secured investment will be utilized to expand Apollo Agriculture’s footprint within Kenya to increase profitability and sustainability for more farmers.
Eli Pollak, CEO of Apollo Agriculture, commented saying, “This collaboration with Swedfund and ImpactConnect is a significant milestone for Apollo Agriculture. The investment positions us to rapidly scale our operations, enabling more farmers to access the essential products and financial services they need to feed their families and communities and adapt to climate change. This funding unlocks the potential to serve 400,000 additional farmers during the loan’s term, accelerating Apollo’s growth. We are grateful for the trust and confidence that both Swedfund and ImpactConnect have placed in our vision, and we look forward to achieving transformative growth together.”
The funding not only unlocks the potential to serve an additional 400,000 farmers during the loan’s term but also accelerates Apollo Agriculture’s overall growth strategy.
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