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Anthemis Exponential Ventures

[embed]https://soundcloud.com/accioninternational/there-is-much-more-empathy-across-the-globeanthemiss-vica-manos-1[/embed]

In episode five of <a href="https://www.accion.org/series/venturekast-rebuild" target="_blank" rel="noopener noreferrer">VentureKast: Rebuild</a>, Vica Manos, Partner at <a href="https://www.anthemis.com/" target="_blank" rel="noopener noreferrer">Anthemis</a>, explains that the collaboration of traditional banks and fintech startups during and after COVID-19 will foster “an equilibrium that really works for consumers.” Vica shares a holistic understanding of financial wellbeing focused on resilience and explains that we must back companies that promote positive customer behavior. Although a few aspects of how Vica and Anthemis operate have changed, their ability to support entrepreneurs and their theses around digital services have only been reinforced through the pandemic. The advantages of Anthemis' portfolio companies — like <a href="https://www.altbank.co/" target="_blank" rel="noopener noreferrer">Altbank</a>, which leverages a digital, distributed model, and <a href="https://abaka.me/" target="_blank" rel="noopener noreferrer">Abaka</a>, which enables digital infrastructure for financial institutions — are shining through now more than ever.

Unlike past recessions, Vica sees that the landscape for early-stage investing is burgeoning. The “data speaks for itself,” says Vica, who is proud to share that Anthemis has added eight new companies to their portfolio in the second quarter of 2020 alone. The long-term increase in demand for digital services, catalyzed by the COVID-19 crisis, has encouraged founders “to take the plunge and take the risk” to build scalable solutions to address customer challenges. In other words, says Vica, “the opportunity cost of not innovating, not inventing … has become way bigger.” Entrepreneurs are responding to this call to innovation. There will be “more opportunities that happen way faster," says Vica, adding that, "there is much more empathy across the globe and across industries because we are all in this together this time.”

Please join our host and co-Managing Director of <a href="https://www.accion.org/how-we-work/invest/accion-venture-lab" target="_blank" rel="noopener noreferrer">Venture Lab</a> <a href="https://www.accion.org/bio/vikas-raj" target="_blank" rel="noopener noreferrer">Vikas Raj</a> as he interviews industry leaders every Thursday about how COVID-19 is impacting their work.

"There is much more empathy across the globe" - Anthemis's Vica Manos

The majority of Kenyans have mobile money accounts; their activity demonstrates digital financial services’ potential. Accion helps Kenyan innovators harness emerging technologies to create new financial services.

Nairobi, Kenya, May 20, 2020 - Apollo Agriculture, the financing and products platform empowering small-scale farmers to maximize their profits, announced today that they have raised USD $6 million in Series A financing. The round was led by Anthemis Exponential Ventures, with participation from Leaps by Bayer, Flourish Ventures (a venture of The Omidyar Group), Sage Hill Capital, To Ventures Food, Breyer Labs, and existing investors Accion Venture Lab and Newid Capital, among others.

“We are incredibly excited to bring together a world-class group of investors, with expertise across financial services and agriculture, to help power Apollo’s growth in the coming years. Our mission is more important than ever in the context of COVID-19, when health risks, supply chain disruptions, and reduced mobility <a href="https://www.washingtonpost.com/world/africa/virus-choking-off-supply-of-what-africa-needs-most-food/2020/04/15/86518dbe-7eee-11ea-84c2-0792d8591911_story.html." target="_blank" rel="noopener noreferrer">threaten</a> food <a href="https://www.nytimes.com/2020/04/22/world/africa/coronavirus-hunger-crisis.html" target="_blank" rel="noopener noreferrer">security</a> for millions globally. Our digital model has enabled us to continue partnering with farmers to produce more food, despite the unprecedented disruptions of COVID-19” said Eli Pollak, Apollo’s CEO and co-founder.

Based in Nairobi, Apollo uses machine learning and automated operations technology to help small-scale farmers access everything they need to maximize their profitability, from financing and insurance, to farming products and optimized advice. The Apollo team brings together technology and operations experience from The Climate Corporation, Tesla, and One Acre Fund. The investment allows Apollo to continue rapidly scaling by partnering with more farmers, expanding its product offerings, and growing its team. Apollo has already partnered with about 25,000 farmers so far in 2020.

Benjamin Njenga, Apollo’s Chief Customer Officer and co-founder, described the opportunity, “Every farmer, everywhere, deserves the opportunity to farm profitably, and that is not the norm today. There are more than 500 million small-scale farmers globally, and average farm yields per acre across Africa are only 10-20% of those in North America. Apollo exists to change that. We partner with farmers to maximize their farm productivity and profitability.”

Vica Manos, Partner at Anthemis, said, “The Apollo Agriculture team is solving a massive gap in the agricultural space by helping small-scale farmers turn their daily labour into profitable businesses. We are very excited to back the Apollo team on their journey to change the lives of millions of farmers that have been overlooked by traditional financial services companies, by providing them with the right instruments, from optimized financing and farming tools to valuable farming advice. In light of the global pandemic, their mission is more urgent than ever.”
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About Apollo Agriculture

Apollo is the commercial farming platform for small-scale farmers that helps farmers maximize their profits. We use agronomic machine learning, remote sensing, and mobile phones to deliver financing, high-quality farm products, and optimized advice that can more than double farm profitability, starting in Kenya. Our team brings together technology and operations experience from The Climate Corporation (acquired for USD ~$1 Billion), Tesla, and One Acre Fund. Learn more at <a href="http://www.apolloagriculture.com" target="_blank" rel="noopener noreferrer">www.apolloagriculture.com</a>.

About Anthemis Exponential Ventures

Anthemis Exponential Ventures is a pioneering investment partnership powered by Anthemis Group and Exponential Ventures, the disruptive venture capital arm of Momentum Metropolitan Holdings. Anthemis Exponential Ventures invests in and supports nascent businesses dedicated to financial wellness. With the aim of inspiring a culture of “profit with purpose” and creating a prosperous and inclusive global growth economy, Anthemis Exponential Ventures focuses its investments on fintech, insurtech and healthtech categories in Europe, the US and emerging markets.

Apollo Agriculture Raises $6 Million to Help Small-Scale Farmers Make More Money

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"There is much more empathy across the globe" - Anthemis's Vica Manos

Apollo Agriculture Raises $6 Million to Help Small-Scale Farmers Make More Money