iProcure secures $10.2 million expansion funding
iProcure secures $10.2 million funding for business expansionGood news for African-based agri-tech startup iProcure as it has closed a $10.2 million Series B funding round to further expand its services to Uganda and Tanzania. iProcure has previously raised more than £1million in finance through three bond offers on Energise Africa and has grown to become one of rural Africa’s most significant agricultural supply chain platforms.
The iProcure platform is revolutionising agriculture supply chains in Africa and helping to connect manufacturers and distributors with local retailers while providing data-driven stock management services to supply chains across Africa. iProcure Limited is a technology-enabled logistics and distribution company that is helping to solve some of the problems faced by smallholder rural farmers in Kenya by offering better access to vital agricultural products and “last-mile” distribution services.
It was founded in 2014 with a vision to provide underserved rural farming communities with affordable, convenient and reliable access to agricultural inputs. iProcure is now on a path to grow its presence in its current markets of Kenya and Uganda and to enter Tanzania after securing this new funding. This expansion for iProcure means that more farmers can access quality and affordable farm inputs, translating to food security for the rural population. It also means more jobs created and, ultimately, improved quality of life for the larger community.
Stefano Carcoforo, former CEO of iProcure says of the latest funding boost: “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,” said “We’re also going to be allocating some of the resources towards introducing higher-quality cheaper products that we are sourcing from international players.” Co-founder Stefano Carcoforo is being replaced as CEO By Niraj Varia who has spent the last eight years at Novastar Ventures, a global VC with hubs in Nairobi, Lagos and London, with his appointment, Stefano Carcoforo becomes the chief data and growth officer at iProcure.
iProcure has helped connect approximately 5,000 agro-dealers to different manufacturers. In addition, the platform, which has become trusted by millions of farmers, is helping to bring new products into Kenya’s markets through its distribution technology system. This additional funding will bolster the platform’s other operations with more warehouses and delivery vehicles. Looking to the future, iProcure also aims to expand its product offering to include credit services and a new POS system to help agro-dealers forecast their inventory needs.