Apollo Agriculture believes it can make a profit by helping Kenya Small holder farmers their maximum.
This is the mission of a Nairobi-based startup that raised 6 6 million in a Series A fund led by Anthemis.
Founded in 2016, Apollo Agriculture offers a mobile-based product suite for farmers that includes working capital, data analysis for high crop yields and the option to purchase key inputs and equipment.
“That’s all a farmer needs to succeed. It’s the seeds and fertilizer he needs to plant. The advice he needs to handle this product during the season. Any sick year.” In that case, they need insurance; and finally, financing, too. ” Eli Pollock, CEO of Agriculture, told TechCrunch on a call.
Apollo’s recognizable market includes Kenya’s smallest farmers with a population of 5.3 million. The problem that is helping them solve this is the lack of access to tech and resources to get better results from their plots.
The startup has developed its own app, platform and outreach program to connect with Kenyan farmers. Apollo M Pisa uses mobile money, machine learning and satellite data to guide credit and the products they offer.
T.“The company,” he said – Joe was the finalist for tech glass startup Buttlefield Africa 2018 – Has served more than 40,000 farmers since the beginning, with 25,000 of the relationship payersAccording to Pollack, Ming in 2020.
Apollo Agriculture derives its revenue from the sale of farm products and its margins on financing. “The farm pays a fixed price for the package, which comes at harvest time; it includes everything and there are no hidden fees,” Pollock said.
With a سیریز 6 million deployment in Series A financing, “It’s really about continuing to invest in growth. We feel like we have a great product. We’ve got tremendous reviews from consumers and we just keep scaling it. This means hiring, investing, and increasing startup sales and marketing efforts in Apollo Tech.
“The second number is really consolidating our balance sheet so that it is able to increase the working capital we need to lend to consumers,” Pollock said.
For the time being, the expansion card in Africa outside Kenya is in but not too close. “It’s exactly on the roadmap,” Pollock said. “But like all businesses, everything is still a little bit fluent.” So some of our immediate expansion plans are on hold as we wait to see things move with COVID.
Apollo Agriculture’s drive to increase the productivity and income of Africa’s smallholder farmers stems from the shared interests of its co-founders.
Pollock is an American who studied engineering at Stanford University And worked with the Meteorological Corporation in the United States in the agricultural sector. “That’s how I got excited about Apollo. “I’ll look at other markets, and” Wow, they’re growing 20 more acres of corn, or corn, all over Africa, but farmers are producing dramatically less than American farmers, “Pollock said.
Pollack’s partner, Benjamin Ninga, was impressed by his upbringing experience. “I grew up on a farm in a Kenyan village. My mother, a small holder farmer, did not plant low quality seeds and fertilizers and harvested only five bags per acre, ”she told the audience at the 2018 startup Butt Field in Lagos, Africa.
“We knew that if they used fertilizer and hybrid seeds, their production would double, making it easier for me to pay my school fees.” Ningga explained that she could not access the credit for purchasing the tools, which encouraged Apollo Agriculture.
Anthem Ventures’ ویکا Manus confirmed his superiority over Apollo’s latest addition. Manos told TechCrunch that the UK-based VC firm – which invests mostly in Europe and the US – has also backed South African fantasy company Jomo and is considering investing in African startups. Will keep
Akin Venture Lab, one of the additional investors in a round of the Apollo Agriculture series Bounce, and bounce through the flowers
Although agriculture is the leading employer in Africa, it has not received as much attention from venture companies or founders as Fantech, Logistics or E-Commerce. According to Disruption Africa and Weight Tracker’s 2019 funding reports, the continent’s Agtec startup lags behind these sectors in investment.
Some notable agtech projects that have achieved VC include Nigeria’s FarmCrody, Hello Tractor – who has partnered with IBM. And Teuga Foods, a Goldman, started supplying Barrow B Agriculture in Nairobi.
On whether Apollo Agriculture saw Toiga as a competitor, CEO Eli Pollock suggested cooperation. “Toiga could be a company we can partner with in the future,” he said.
“We are partnering with farmers to produce high quality crops, and they could potentially be an excellent partner in helping these farmers access stable prices for their produce.”