iProcure, a Kenyan agritech firm, has raised $10.2 million in Series B investment. The current round, which included $1.2 million in debt and was headed by Investisseurs & Partenaires (I&P), increases iProcure’s total capital to $17.2 million. The round was also attended by Novastar Ventures, Ceniarth, and British International Investment (BII), who previously participated in Apollo Agriculture’s $40 million Series B funding.
The agricultural supply chain platform intends to use this money to expand its operations in Kenya and Uganda, as well as to enter Tanzania.
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“We will commit some resources to the creation of cheaper and better solutions that we will supply to global brands,” said Stefano Carcoforo, co-founder and chief data and growth officer of iProcure.
This investment came six months after Investisseurs & Partenaires’ financing (I&P), the impact investing firm, pledged in February to promote the expansion of agritech in East Africa, namely in Uganda, as well as its development in Kenya.
iProcure, which presently connects 5,000 agro-dealers to agricultural producers, plans to expand its partner and retailer base, as well as enhance its last-mile deliveries. Stefano Carcoforo and Nicole Galleta co-founded the firm, which provides agricultural product dealers with supply and distribution services, as well as market intelligence and data-driven inventory management.
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Agriculture contributes for 23% of Kenya’s GDP and employs almost 70% of the country’s rural population.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh