Tech in Africa
The Agri-Business Capital Fund has invested $1 million in the form of a credit facility to Kenya agtech startup Apollo Agriculture. The funds will go into scaling its high impact agtech solution to reach more smallholder farmers unable to access commercial bank lending and microfinance solutions.
Apollo Agriculture relies on machine learning and automated operations technology to access the resources required to maximize profitability. Founded by Eli Pollak, Earl St Sauver and Benjamin Njenga in 2016, the startup provides an optimized bundle for farmers that includes financing, farming inputs, insurance and advice. The startup runs on an integrated digital appraoch that leverages satelitee data and machine learning to service customers throughout the entire life cycle stretching from acquisition, credit decisions, and payment collections. Apollo agriculture claims that it has tripled its customer base over last year.
The ABC Fund is an impact fund providing catalytic funding to undeserved yet profitable segments of agribusiness value chains spread across developing countries. We earlier covered how Apollo Agriculture raised $6 million in a Serie A, in addition to other previous financing rounds.
More on the developments here
