Apollo, an agritech company founded in 2016 by Eli Pollak (CEO), Benjamin Njenga (CCO), and Earl St Sauver (CTO), is transforming the landscape of African agriculture. The company's mission is to bolster the profitability of small-scale farmers across Africa by providing essential services such as access to financing, high-quality farm inputs, insurance, and tailored advice.
Making a Mark in Kenya and Zambia
So far, Apollo's impact has been significant, with over 350,000 farmers in Kenya and Zambia benefiting from the company's farm input products and financial services. These services are not just about improving yields; they're about transforming the lives of small-scale farmers, many of whom have traditionally been excluded from formal financial systems.
Expansion and Enhancing Food Security
With the additional funding, Apollo is poised to expand its footprint throughout Kenya and beyond, allowing even more farmers to access vital financial support and digital tools. This expansion is crucial to the company's overarching mission of enhancing long-term food security across the continent. By empowering farmers with the tools and resources they need, Apollo is helping to build a more sustainable and secure food system in Africa.
Eli Pollak's Vision for Growth and Climate Resilience
Eli Pollak, the CEO of Apollo, sees this latest investment as a critical step in expanding the company's reach. He notes that the funding will enable Apollo to serve an additional 400,000 farmers during the loan's term, significantly accelerating the company's growth. This expansion is not just about business growth; it's about ensuring that farmers have the resources they need to feed their families, their communities, and to adapt to the challenges posed by climate change.
Global Presence and Significant Funding Milestones
Apollo's global presence is noteworthy, with offices in three countries, including Zambia and the Netherlands, and team members spread across eleven countries. As of December 2023, the company had raised a total of $64.7 million in funding over ten rounds. This impressive funding trajectory underscores the significant impact and potential of Apollo's agritech solutions.
Series B Funding and Continued Development
In March 2022, Apollo raised $40 million in Series B funding, led by Softbank Vision Fund 2. This funding is earmarked for geographical expansion, product and technology enhancements, and building a world-class team. Earlier, in 2021, the company secured $1 million in debt financing to support small-scale farmers, following a $6 million Series A funding round in May 2020 to aid its expansion efforts.
Conclusion: A Beacon of Hope for African Agriculture
Apollo Agriculture stands as a beacon of hope and innovation in the African agritech landscape. Through its comprehensive approach to supporting small-scale farmers, Apollo is not just improving agricultural practices but is also fostering economic growth, enhancing food security, and building resilient communities. As the company continues to grow and expand its services, its impact on the lives of African farmers and the broader agricultural sector will undoubtedly be profound and far-reaching.