Softbank Leads Funding Round for Kenyan Startups

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Softbank Leads Funding Round for Kenyan Startups


SoftBank Vision Fund 2 is leading a $40 million funding round for Apollo Agriculture, a Kenya-based technology company seeking to expand its business to help farmers access markets and financial services.

Chan Zuckerberg, Yara Growth Ventures and Endeavor Catalyst were among other investors participating in the round.

Director of investment at SoftBank Investment Advisers, Alexia Yannopoulos said that the Apollo Platform offers a solution to help small-scale farmers in developing regions to increase yields and livestock. Moreover, he said that feeding the world is one of the most important challenges amid continued macroeconomic and geopolitical volatility.


“Embedding valuable financial services such as credit, insurance and advice into supply chains is critical to supporting a more efficient and sustainable global food chain.” he was quoted from Bloomberg, Tuesday (22/3).

Apollo Chief Executive Officer Eli Pollak said the funds would be used by Apollo to increase the number of clients on its platform and "invest in products that take farmers from agriculture to subsistence to farming as a business.

According to him, agriculture in Africa will become a $1 trillion market over the next decade on the back of the continent's growing population and global food demand. Therefore, the company wants to play an important role in the future of the region by investing in systems to support agricultural products.

Founded in 2019, Apollo is a commercial farming platform that enables remote delivery of inputs and services to small-scale farmers using a network of more than 5,000 agents.


The company uses machine learning and satellite data technology for its input services to the more than 100,000 farmers who have joined its platform since its founding in 2019. The company also provides them with financing and insurance services.



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