Apollo Agriculture, an African agri-fintech startup, has announced a significant financial partnership with Swedfund and ImpactConnect.
The combined $10 million debt investment further accelerates Apollo Agriculture’s rapid growth, enabling increased earnings for farmers, faster adoption of sustainable practices, and increased food security across Africa.
Apollo Agriculture’s machine learning-powered credit models and automated operations technology enable them to scalably serve small-scale farmers to access the high-quality farm products, optimized financing, and digital advice they need to succeed.
Since its launch, Apollo’s technology has provided essential farm input products and financial services to over 350,000 small-scale farmers across Kenya and Zambia.
Financing provided by the Swedish development finance institution and ImpactConnect will be utilized to expand Apollo Agriculture’s activities across Kenya, enabling more small-scale farmers to farm more profitably and sustainably and increase their resilience to climate change.
Eli Pollak, CEO of Apollo Agriculture, expressed enthusiasm about the partnerships, stating, “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.”
