Kenyan AgriTech startup iProcure has closed a $10.2 million Series B round led by Investisseurs & Partenaires, with the funding coming from a mixture of debt and equity.
The round also saw participation from Novastar Ventures, British International Investment and Ceniarth, according to a Disrupt Africa report Monday (Aug. 22).
The company plans to use the new funds to support the expansion of its agricultural supply chain platform into Uganda and Tanzania. It also intends to launch a lending product for agro-retailers to purchase supplies on credit, per the report.
“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,” said iProcure CEO Niraj Varia.
Launched in 2013, iProcure has developed its own distribution infrastructure that connects major agricultural input suppliers directly to local agro-dealers. By cutting middlemen out of the agricultural supply chain and providing data-driven insights on supply levels and prices, iProcure ensures the delivery of critical agricultural supplies at up to 25% less than prevailing market prices, the report stated.
Asif Noorani, senior investment manager of impact investing at I&P, added that “at its core, iProcure is improving farmers’ access to genuine and affordable agricultural inputs by consolidating the region’s fragmented agricultural inputs sector. These processes ultimately lower the cost of food production and improve food security.”
Read more: Morocco’s Startups Bring International Fleet Management Into the Digital Age
The startup’s step up from national to cross-border supply chains comes at a time when tech firms are increasingly creating solutions aimed at smoothing international supply chains. In this space, Morocco is also emerging as a key innovation hub for international supply chain tech startups.
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