Apollo Agriculture, a Kenyan business that provides a commercial agricultural platform that helps small-scale farmers increase their revenues, has acquired a $40 million Series B fundraising round to help it grow abroad and improve its product.
Apollo Agriculture, which was founded in 2019, helps farmers boost their profitability by providing them with funding, high-quality agricultural products, insurance, and tailored assistance.
The company uses machine learning, remote sensing, and mobile payments to effectively assess agricultural credit risk, and it has established an autonomously controlled network of over 5,000 agents and almost 1,000 shops to provide small-scale farmers with last-mile delivery of farm products and services.
The Chan Zuckerberg Initiative, Yara Growth Ventures, Endeavor Catalyst, CDC, and current investors like Anthemis Exponential Ventures, Flourish Ventures, Leaps by Bayer, SBI, Breyer Capital, and TO Ventures Food are among the investors in the $40 million Series B.
Apollo plans to utilise the money to expand regionally, improve its products and technology, and continue to grow its world-class workforce. Over the coming year, the company wants to increase its operations, software engineering, data science, and marketing teams across its Nairobi, Amsterdam, and remote locations.
“Our mission at Apollo is to ensure that every farmer, everywhere, has the tools they need to farm profitably. Rural communities are the backbone of society, yet have been largely ignored by most technology investors, particularly in emerging markets,” said Eli Pollak, CEO, and co-founder of Apollo Agriculture.
“We are incredibly proud to focus relentlessly on farmers and build products with the potential to improve the lives of millions of people around the world. Softbank Vision Fund 2’s investment is a powerful validation of Apollo’s business model and accelerates the rapid growth of our business and team.”
One of the most crucial concerns confronting society, according to Alexia Yannopoulos, investment director at SoftBank Investment Advisers, is feeding the globe.
“Apollo’s platform offers a one-stop-shop solution to help small-scale farmers in emerging regions to improve crop and livestock outputs. Embedding valuable financial services like credit, insurance, and advice into the supply chain is critical in supporting a more efficient and sustainable global food chain,” she said.