Kenyan Agritech startup, iProcure closes $10.2m Series B funding
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Kenyan Agritech startup, iProcure closes $10.2m Series B funding

iProcure, a data-driven agricultural inputs supply company, has announced the completion of a $10.2 million Series B funding round from a diverse group of international investors.

Novastar Ventures, British International Investment (BII), and Ceniarth all participated in the Series B round of funding led by I&P. The fund will help iProcure expand into Uganda and Tanzania and launch a credit offering to help agro-retailers buy supplies on credit.

According to Niraj Varia, iProcure’s new CEO and a former partner at Novastar Ventures, the funding round will help iProcure expand its service provision in these countries and help its retail partners earn more while managing their sales.

The Kenya-based agro-tech firm is assisting in transforming traditional agricultural supply chains in East Africa by developing its own distribution infrastructure that directly connects major agricultural input suppliers to local agro-dealers through its proprietary distribution technology system.

By eliminating the multiple levels of middlemen in the traditional agricultural supply chain and providing technology-driven insights on supply levels and pricing, the company ensures the availability, quality, and delivery of critical agricultural inputs such as fertilizers and seeds at up to 25% off market prices.

The franchise also helps to reduce food costs and the climate impact of agriculture by ensuring that smallholder farmers can plant their crops on time and achieve higher crop yields while using less land.

Abel Boreto, Associate Investment Director at Novastar Ventures, a global VC based in Lagos, London, and Nairobi, said iProcure has grown 23X in the five years since Novastar invested. This reflects the high service demand, reaching over one million Kenyan farmers.

Novastar continues to be a staunch supporter of iProcure’s expansion and market entry into Tanzania and Uganda, where they will undoubtedly add enormous value to the agricultural sector.

iProcure, according to Sara Taylor, Head of SME Funds at British International Investment, solves the problem of connecting smallholder farmers with the right inputs at the right time. BII is thrilled to be collaborating with iProcure to help create a more inclusive, resilient, and efficient supply chain.

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