1. Context

The following information is provided in relation to the inquiry “Investment for Development: the UK’s strategy towards development finance institutions”. The responses below may relate to the following questions within the terms of reference listed here:

        What current investments does BII hold?

        What due diligence does BII undertake prior to making investment decisions and how does this compare with best practice?

        How effectively does BII manage funds following its initial investment?



  1. About Apollo Agriculture

Apollo Agriculture’s mission is to help small-scale farmers maximize their profits and bring commercial farming and food security to everyone. To pursue this mission, Apollo Agriculture, Inc. (together with its subsidiaries “Apollo”, “Apollo Agriculture” or the “Company”) was founded in California and subsequently commenced operations in Kenya through its wholly owned subsidiary, Apollo Agriculture Limited in 2016.


Apollo’s technology empowers small-scale farmers to access the farming tools and financing they make more money and farm more sustainably, and has the potential to enable this access for farmers across Kenya and other parts of Africa. To date, Apollo’s automated, tech-driven approach has allowed it to deliver farm inputs on credit to more than 180,000 small-scale farmers, with an average acreage of less than 1.5 acres. Apollo utilizes proprietary software that helps farmers access credit financing, farming inputs, insurance and farming advice, through a unique and scalable model.



  1. Overview of engagement between BII and Apollo Agriculture

In February 2022, Apollo closed its Series B round of financing led by Softbank Vision Fund 2 and joined by several other reputable investors, including British International Investments (BII). The investment process with BII was efficient and, based on our observations throughout the process, they worked collaboratively with other investors during the due diligence and closing process.


Since coming on board as an investor, BII has been a supportive and accessible partner to Apollo Agriculture. Following are a few examples of ways in which BII has engaged with our Company:

        Joining investor calls and sharing insights or asking questions on key strategic issues

        Enabling discussions around financial and impact reporting and allowing access to in-house specialists to share best practices

        Discussions on offering debt solutions either directly or in collaboration with other working capital lenders

        Inviting Apollo for participation in events or forums such as:

        Innovation 4 Impact summit in Cairo, an event organized by BII and attended by venture capital investors, start-up founders and ecosystem participants from across Africa and South Asia. The event promoted dialogue and cross-learning across themes such as gender inclusion, organizational development, impact among others.

        Workshop on Climate Resilient Livelihoods as part of an event co-organized by The Climate Investment Funds and Ministry of International Cooperation, Egypt

        COP27 in Egypt, including an event focused on Private Sector Climate Resilience and Adaptation Investment

        Showcasing Apollo’s work through the 2022 Africa AgriFoodTech Investment Report, that was co-authored by AgFunder, FMO and BII