Kenya

Apollo Agriculture 3: meer inkomen voor maïsboeren

With a loan of EUR 25,000, Apollo Agriculture is able to reach more small-scale maize farmers in Kenya. The company delivers high quality seeds and fertilisers on credit, by using digitalised and automated services. Additionally, Apollo provides insurance and agricultural advice. With their help the harvests improve and the farmers generate more income.

  • 215 people reached
Entrepreneur

€25,000

Amount needed

12 months

Maturity

Impact loan

100%
Fully funded in 57 days on 19 February 2021.
+ 49 other investors

General information

Company Name            Apollo Agriculture Ltd.

CEO                              Eli Pollak

Founded                        2016

Location                        Nairobi

Sector                            Agri-FinTech

Turnover                        EUR 3,000,000

Employees                    120

 

Direct loan

This is a direct loan to a business. It is advisable to cautiously determine the amount you invest in this project. Look here for more information about the risks of an investment.

 

Please Note: repayment after 12 months

The maturity of this loan is 12 months, it will be repaid in one go at the end of this period. For investors this means there will not be a repayment after six months, but this will take place when the loan reaches maturity.

 

Available documents

Information document issuing entity

 

About the company

Apollo Agriculture provides financial services and sustainable agricultural advice to small-scale farmers in Kenya. In this way, the harvest of these farmers can be doubled, which means more revenue. By implementing smart ICT-based solutions, the company can give bespoke advice. Voice messages are sent via mobile phones, in order to reach even the most remote farmers.

A farmer can purchase a packet of seeds and fertilisers of high quality through Apollo. This is a loan which will be repaid after the harvest, as the farmer will not have money coming in before. Apollo uses a network of local suppliers of agricultural raw materials for the distribution of the seeds and fertilisers. In addition, Apollo offers small-scale farmers crop insurance, in order to protect their income in case of bad harvests.

Apollo wants to support customers during their transition to a more diversified and commercial cultivation so they can increase their income and resilience. This ensures that a farmer has more periods of harvest and therefore more income and food security throughout the year. The idea is to help farmers increase their income with maize first, as this crop yields an income relatively quickly. Meanwhile more profitable crops are also introduced.

Many small-scale farmers need credit to invest in high quality agricultural raw materials. However, they don’t have access to affordable loans from local banks. Apollo can help a lot of new farmers to scale up their harvests and income by offering them high quality seeds and fertilisers on credit, in combination with agricultural advice and insurances. This is what makes Apollo’s integrated approach successful. The company has provided input financing to more than 40,000 farmers.

Almost all of Apollo’s activities take place in Kenya. The office in the Netherlands offers ICT-based support. The United States office provides financial support.

 

Loan purpose

With a loan of EUR 25,000, Apollo Agriculture will have the working capital to reach more small-scale maize farmers in Kenya. The company delivers high quality seeds and fertilisers on credit, by using digitalised and automated processes. Additionally, Apollo provides insurance and agricultural advice. This way the harvests improve and the farmers generate more income.

 

Previous loans via PlusPlus

In the last two months, Apollo Agriculture has received two loans of 20,000 from PlusPlus investors. The company has therefore already received part of the total working capital necessary, which is used to provide 344 small-scale maize farmers in Kenya with seeds, fertilisers, agricultural advice and insurance on credit. This ensures better harvests and more income in the upcoming harvest season.

 

COVID-19 update

Apollo Agriculture follows the country’s legislation and protective measures for its employees, as determined by the Kenyan government. The employees at the Nairobi and Amsterdam offices and the call centre in Nairobi have been working from home since March 2020.

Especially in these times, the solution Apollo Agriculture offers small-scale farmers appears to be of added value. As the company was already working with smart ICT-based solutions, it could continue its activities without too many issues.

 

Mission and vision

Apollo Agriculture’s mission is to help small-scale farmers in Africa in their transition to commercial and profitable agriculture by offering products, services and financing. Apollo’s vision is that every farmer, all over the world, deserves the opportunity of profitable farming.

Apollo Agriculture’s mission is to help small-scale farmers in Sub-Saharan Africa in their transition from subsistence to commercial and profitable agriculture by offering high quality products, services and financing. Apollo’s vision is that every farmer, all over the world, deserves the opportunity of profitable farming.

 

Impact

This loan to Apollo will reach 215 new maize farmers. The expected impact of the loan on these farmers is:

●       Improvement of harvests and income 

●       Improved living circumstances for themselves and their families

●       Knowledge development regarding sustainable agriculture

 

Management team

  • Eli Pollak, Apollo’s co-founder and CEO, has a Bachelor of Atmosphere & Energy Engineering from Stanford University. He used to work as Senior Product Manager for The Climate Corporation. The Climate Corporation is a digital agricultural business that studies weather, soil and field data to help farmers boost crop yields. In 2013, the company was sold. Eli then started Apollo with Earl and Benjamin. At Apollo he is responsible for general management.
  • Benjamin Njenga is Apollo’s co-founder and Chief Customer Officer. He has an MBA from Jomo Kenyatta University of Science. With a background in agribusiness management, he has extensive experience in financial services and insurance in the agricultural sector in Kenya. Benjamin’s motivation is to facilitate profitable agriculture for many small-scale farmers through the use of technology. He monitors all business operations at Apollo that concern the customer’s life cycle. 
  • Earl St Sauver, Apollo’s co-founder and Chief Technology Officer, has a bachelor’s in Mathematics from Tufts University. He used to work as a Software Engineer for The Climate Corporation. At Apollo he is responsible for the software development and data science team.
  • Jana Lessenich, Chief Financial Officer, has more than 20 years of experience in the financial sector. She started her career in institutional asset management and moved on to a hedge fund. Since 2005, she has been working in development finance, among others for Frankfurt School's International Advisory Services, Finance in Motion and for DEG (Deutsche Investitions- und Entwicklungsgesellschaft GmbH). Jana is currently a member of the InsuResilience Investment Fund debt investment committee and a member of the Regional MSME Investment Fund for Sub-Sahara Africa (REGMIFA) investment committee. Jana studied Economics and International Affairs at the University of New Hampshire and obtained a Master of Science in Foreign Service, majoring in International Business and Finance from Georgetown University. She has CFA-status.

 

For the website, please go to: https://www.apolloagriculture.com

Company nameApollo
CEOEli Pollak
Founded2016-09-27
LocationNairobi
SectorServices
Turnover€3,000,000
Employees120

Impact of this project

  • With this investment 215 people are reached

About the investment

TypeImpact
EntrepreneurApollo
Funding target€25,000
Annual interest0.00%
Maturity12 months
Repayment periodSemiannually
CurrencyEUR
Terms and conditionsShow

About Apollo

Total assets€8,941,261
Revenue€3,000,000
Leverage ratio54.00%
Liquidity273.00%

About the risks

Read more about the Risks.

We have already contributed for Apollo Agriculture 3: meer inkomen voor maïsboeren

Han de Haas
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