Apollo Agriculture, a Nairobi based startup has raised $6 Million in a Series A round of funding led by Anthemis.
Founded in 2016 by Benjamin Njenga and Eli Pollak, Apollo Agriculture offers a mobile based product suit for farmers that includes working capital, data analysis for higher crop yields, and options to purchase key inputs and equipment.
The startup’s market includes the many smallholder farmers across the country. The problem it’s helping them solve is a lack of access to the tech and resources to achieve better results on their land. They generate revenue on the sale of farm products and earning margins on financing.
The startup has its own app, platform and outreach program to connect with Kenya’s farmers. They also use M-Pesa, machine learning and satellite data to guide the credit and products it offers to them.
The company intends to use the $6 Million raised to invest in the growth of the company. This means hiring, investing in Apollo’s tech, and growing the startup’s sales and marketing efforts. They also intend to strengthen their balance sheet so as to be able to raise working capital needed to lend to customers.
On whether the company intends to expand outside Kenya, Apollo Agriculture CEO Eli Pollak, had this to say, “That’s absolutely on the roadmap but like all businesses, everything is a bit in flux right now. So some of our plans for immediate expansion are on a temporary pause as we wait to see things shake out with COVID.”