iProcure, a Kenyan startup offering agricultural inputs and digital supply chain solutions in rural Africa, has secured a $10.2 million series B round in debt and equity investment led by impact investor Investisseurs & Partenaires (I&P).
Joining the round were Novastar Ventures and British International Investment (BII) (formerly CDC Group) which injected $3 million into the deal. New General Market Partners and Ceniarth also participated in the round.
iProcure will use the investment to scale and solidify its position in East Africa and support its expansion into Uganda and Tanzania, as well as upscaling its technologies, logistical infrastructure, and distribution network. It will also launch a credit offering for agro-retailers to purchase supplies.
Founded in 2013, iProcure is a Nairobi-based startup working to optimise the agriculture input supply chain in rural Kenya. iProcure’s web and mobile technology solution improves agriculture retailers’ operations. It lets them manage orders based on inventory, point of sale activities, and client profiles along with geo-located purchasing patterns, real-time agent performance and transaction analysis, and built-in mobile payments.
As a result, retailers can better predict demand with business intelligence data, improve inventory management, and streamline distribution efficiency.
Niraj Varia, iProcure’s new CEO and former partner at 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.”
“Our mission is to reduce farm input scarcity in farming communities. The objective is to ensure that whenever a farmer walks into an agro-dealer, the dealer has the product that the farmer requires at the right time,” Stefano Carcoforo, co-founder and managing director at iProcure.
For BII, the investment aligns with its mission to lift farm productivity, integrate value chains, improve access to nutritious food, support sustainable F&A business models, and encourage innovation in the agri sector.
“I think making the right inputs available to farmers at the right time is ultimately what we’re going for here. You end up with farmers, knowing what to use and when to use it, but just not having those inputs available,” Megha Okhai, an investment executive at BII said.
