Apollo Agriculture, a Kenyan agritech startup has invested $6 million series A funding led by Anthemis to accelerate growth. The investment round was joined by Accion Venture Lab, Leaps by Bayer, and Flourish Ventures.
Apollo Agriculture, founded in 2016 by Eli Pollak offers a mobile-based package for farmers that includes working capital, data analysis for higher crop yields, and options to purchase key inputs and equipment.
“It’s everything a farmer needs to succeed. It’s the seeds and fertilizer they need to plant, the advice they need to manage that product over the course of the season. The insurance they need to protect themselves in case of a bad year and then ultimately, the financing,” Apollo Agriculture CEO Eli Pollak.
“We feel like we’ve got a great product. We’ve got great reviews by customers and want to just keep scaling it,” he said. That means hiring, investing in Apollo’s tech, and growing the startup’s sales and marketing efforts.
“Number two is really strengthening our balance sheet to be able to continue raising the working capital that we need to lend to customers,” Pollak said.
Apollo Agriculture’s drive to boost the output and earnings of Africa’s smallholder farmers is born out of the common interests of its co-founders.
Anthemis Exponential Ventures’ Vica Manos confirmed its lead on Apollo’s latest raise. The UK based VC firm — which invests mostly in Europe and the U.S. — has also backed South African fintech company Jumo and will continue to consider investments in African startups, Manos.