Swedfund backs Apollo Agriculture
Swedfund backs Apollo Agriculture
Swedfund has decided to support the agri-fintech company Apollo Agriculture in Kenya through a loan of $5 million.
Africa Private Equity News’ Connect messaging service is now free. Directly message other private equity professionals in our community.
Download the free Africa Private Equity News app: Android | iOS (or search for it in the app store)
Tap on the top-right icon to log in or register a free account
Tap on bottom-right Connect icon to start chatting
Swedfund has decided to support the agri-fintech company Apollo Agriculture in Kenya through a loan of $5 million.
The investment will help Apollo to further grow its business of supplying smallholder farmers with agricultural products (e.g., fertiliser and seeds) bundled with distribution, advisory, insurance and financing.
"The food sector will be a growing sector for us going forward. This is the first time we make use of an EU guarantee within the Global Gateway strategy and with this investment we contribute to increased food security and access to financing for smallholder farmers in Kenya. By supporting a new and innovative business model, we can foster more efficient job creation and a modernised and more productive agricultural sector," says Maria Håkansson, CEO at Swedfund.
Apollo’s main farm input product is maize seeds and fertiliser given that maize is a staple food in Kenya and the most common food crop grown by smallholder farmers. Apollo uses a network of agents to onboard new farmers and currently has about 7,000 sales agents and more than 350,000 farmers as customers.
* Subscribe to Africa Private Equity News’ monthly Dealmaker’s Log for a database of the reported investment deals, exits and fundraising closes. Click here for more information.