Kenyan agritech startup secures $10.2M Series B funding
IProcure, a tech and data-driven agricultural inputs supply company, has announced the close of a $10.2 million Series B funding round that raised debt and equity from a diverse group of international investors. The Series B round was led by Investisseurs & Partenaires (I&P). The funding will support iProcure’s expansion into Uganda and Tanzania, as well as the launch of a credit offering for agro-retailers to purchase supplies on credit.
IProcure has revolutionized traditional agricultural supply chains in East Africa by developing its own distribution infrastructure connecting major agricultural input suppliers directly to local agro-dealers via its proprietary distribution technology system. By cutting out the multiple levels of middlemen in the traditional agricultural supply chain and providing technology-driven insights on supply levels and price, IProcure ensures the availability, quality, and delivery of critical agricultural inputs like fertilizers and seeds at up to 25% discount from prevailing market prices.
IProcure is enabling the lowering of food costs and lessening the climate impact of agriculture by ensuring smallholder farmers can plant their crops on time and achieve higher crop yields while using less land.
Niraj Varia, iProcure’s new CEO and former partner at IProcure key investor, Novastar Ventures, said, “In addition to bolstering our existing operations with more warehouses and delivery vehicles, this funding will expand iProcure’s product offering to include credit services and a new POS system for agro-dealers to better forecast their inventory needs and reduce pilferage within their shops. This will help our 5,000+ partner retailers increase their earnings and better serve the hundreds of thousands of farmers that depend on each shop.”
Abel Boreto, Associate Investment Director at Novastar Ventures, added, “IProcure has grown 23X in the five years since Novastar invested. This speaks to the demand for its services, which now reach over 1,000,000 Kenyan farmers. Novastar remains a stalwart supporter of iProcure’s growth and market entry into Tanzania and Uganda, where they will undoubtedly bring immense value to the agricultural sector there.”