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Kenyan agtech iProcure raises $10.2M to grow its input supply network

Kenyan agtech iProcure raises $10.2M to grow its input supply network Image
  • Posted on 18th Aug, 2022 07:33 AM
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Iprocure has secured $10.2 million, including $1.2 million in series B funding, in a round led by impact investor Investisseurs & Partenaires (I&P).

The shortage of agricultural inputs like fertilizer, unpredictable prices, and the proliferation of substandard products into markets are some of the biggest challenges for Kenya’s agricultural sector. This impact is especially felt in the country because agriculture accounts for 23% of its Gross Domestic Product (GDP), making it the single largest contributor to its economy, and its biggest employer – agriculture employs nearly 40% of the country’s population and 70% of its rural people.

It, therefore, is certain that difficulties in accessing the required resources for sustained production, not only threatens food security, but also family earnings and livelihoods. To bridge the input-access gap, iProcure, a B2B agtech, has since 2014 been connecting agricultural manufacturers and distributors to local retailers (agro-dealers), through its unique distribution infrastructure that interlinks agricultural supply chains.

Iprocure told TechCrunch it is now on a path to grow its presence in Kenya and Uganda, which are its current markets, and to enter Tanzania after securing $10.2 million in series B funding. The latest round includes $1.2 million debt, and was led by Investisseurs & Partenaires (I&P), and it brings the total funding raised by iProcure, so far, to $17 million. Novastar Ventures, Ceniarth, and British International Investment (BII), which recently took part in Apollo Agriculture’s $40 million Series B fundraising, also participated in the round.

“We have built out a Pan-African distribution infrastructure, and we are using these funds to scale our operations in our two markets and to enter Tanzania. We’re also going to be allocating some of the resources towards introducing higher quality cheaper products that we are sourcing from international players,” said iProcure co-founder and chief data and growth officer, Stefano Carcoforo – also the former CEO who since been replaced by ex-Novastar partner Niraj Varia.

Kenyan agtech iProcure raises $10.2M to grow its input supply network View Story

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