Atlantis Life Science now plans to go regional, thanks to dependable financial partner

By Evans Ongwae

To many owners of start-ups, the dream of establishing an enterprise may appear to be on course soon after registration. However, reality sinks in when operations start gobbling up the available funds, and the entrepreneur realises that more money is needed to drive the business forward.

For a firm dealing in distributing imported products, the need for capital can be overwhelming. Money is required for office rent, stock, salaries, and distribution, among other expenses.

This is the situation Atlantis Life Science Limited, a veterinary pharmaceutical firm established by Dr Geoffrey Currier, found itself in when it began operations. Dr Currier is the firm’s chief executive.

Ms Lena Nyaga, the Chief Operations Officer and the firm’s first employee, recalls how they started in a small office and one motorbike: “When we started back in March 2017, we didn't have a vehicle. We operated from a small office that could only accommodate one employee, one desk and everything else. As employee 001, I used a motorbike for transport.”

Eight years down the line, Atlantis is not only surviving, but thriving – and Kenyan farmers and households are the benefitting. At what point did the tide turn for the company?

Ms Nyaga remembers that they approached the Co-operative Bank, often referred to as Co-op Bank, and they were able to get their first vehicle. “Co-op Bank appreciated the dream we had and the space we were coming into as an agrochemical company. They supported us with our very first Probox,” she says.

“Co-op Bank has been helping us source for products and materials locally and internationally. We ship from India, China, Denmark, France, the USA, and Germany,” she adds.

From owning one vehicle, the firm now has 25. “We have 11 motorbikes and even trucks,” says Ms Nyaga, adding: “These support our distribution and sales.”

Ms Nyaga narrates how far Atlantis has come: “Co-op Bank has helped us to come from that small office in 2017 to now having two facilities, each of around 6,700 square foot. So, it's been a huge journey in expansion. We started with the four products in the market where we were only able to ship 800 litres, that is 200 litres of each product. Now we ship an average of 100,000 litres per product.”

She points out that for any business, whether small or large, “the right financial partner is critical because it's through financing that you unlock the scale of the business you're envisioning. For us, Co-op Bank has been able to give us our trade financing instruments, such as the letters of credit, and bid bonds for tenders.”

Thanks to Co-op Bank, Atlantis is able to access working capital, import duty financing to clear goods at port, and short-term loans to pay local suppliers.

Ms Nyaga adds: “We have a credit line that takes care of the imports of the stocks. That is all backed up by the African Guarantee Fund (AGF). If we bring X amount, we're able to get double that from Co-op Bank because of the partnership they have with AGF.”

The Atlantis journey, notes Ms Nyaga, has been possible because Co-op Bank came on board. “We're able to access financing but, like any other small business, we initially had financing challenges. I would say Co-op Bank is the right partner for us because they understand us. They come to Atlantis and seek to understand the gaps the business is facing so that they find the right solution for us.”

She points out that, for businesses, working capital is one of the biggest challenges. “This is because you need the financing for stock, day-to-day operations, to scale up and to expand. I know most people fear debt, but debt is an easy way to create wealth.”

In 10 to 15 years, Atlantis aims to be the market leader in the Kenyan space and regionally. It plans to enter Uganda, Tanzania. Ms Nyaga asserts that this will be possible through the partnership with Co-op Bank.

Agrochemicals firm Atlantis Life Science Limited deals in animal health and nutrition products, as well as pest control products and cattle genetics.

Additionally, it supports farmers by training them on how to use these products. Every year, it trains about 16,000 farmers.

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