• Cryptocurrency
  • Earnings
  • Enterprise
  • About TechBooky
  • Submit Article
  • Advertise Here
  • Contact Us
TechBooky
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
TechBooky
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors

Kenya’s iProcure, A B2B Agritech, Secures $10.2 Million Series B Investment

Ibhadojemu Emmanuel by Ibhadojemu Emmanuel
August 18, 2022
in Uncategorised
Share on FacebookShare on Twitter

Kenya’s B2B agritech iProcure has secured an investment of $10.2 million. The Series funding which includes debt of $1.2 million was led by Investisseurs & Partenaires (I&P), and saw the participation of investors like Novastar Ventures, Ceniarth, and British International Investment (BII). Following the round, the total funding raised by the startup comes to a total of $17.2 million.

iProcure helps connect agricultural manufacturers and distributors to local retailers or agro-dealers using its unique infrastructure that create a network between supply chains. The startup has been in operation since 2014 and is currently present in Kenya and Uganda, and is planning to enter the Tanzanian territory thanks to its latest funding. The startup was founded by Stefano Carcoforo, Nicole Galetta, Patrick Wanjohi, and Bernard Maingi.

Speaking on the funding and plans to expand to Tanzania, iProcure’s Stefano Carcoforo who holds the positions of co-founder and chief data and growth officer said that “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. We’re also going to be allocating some of the resources towards introducing higher quality cheaper products that we are sourcing from international players.” He held the position of CEO before he was succeeded by Niraj Varia.

Currently, iProcure connects 5,000 agro-dealers to manufacturers, and thanks to its plans to expand to Tanzania as well as the latest funding, this number is set to grow. The startup also is doubling its distribution miles to 20 as part of its strategy to boost last-mile delivery.

iProcure plans to reach 2 million farmers in the next year, and is looking to be present and accessible to farmers all over Kenya. iProcure offers agro-dealers with an end-to-end Enterprise Resource Planning (ERP) system that helps them manage the sourcing and distribution processes. “The agro-dealers use our technology to keep track of their sales, process sales, to manage inventory, to place orders, and build CRMs that can help deploy loyalty programs to the farmers. It does everything they need. We provide a completely transparent system from the factory all the way down to the point when the farmer purchases the product,” co-founder Stefano Carcoforo explained.

To increase reach, iProcure plans to introduce zero-interest credit facilities to agro-dealers. This will help increase their purchasing power as well as their ability to purchase the hardware needed to use the ERP system.

iProcure has grown 16 times over the last four years and has successfully doubled its revenue every year except for 2020 as a result of the coronavirus pandemic, according to CEO NirajVaria.

iProcure will also provide a buy-now-pay-later service and this is already in the works. This will help bring more retailers to its system as well as provide data needed to inform the company of its growth strategy.  “Work capital is an issue facing these retailers, and we’ve demonstrated that if we provide supplies on a BNPL model, retailers buy 30% more. This shows that retailers themselves are cash constrained and can’t buy all the inventory they can sell; meaning that farmers aren’t able to access all the inputs they need. The BNPL service we are introducing will sort this problem,” CEO Niraj Varia said.

Related Posts:

  • agritech
    Africa’s Agritech Sector Funding Raises $1.1…
  • power bank 2
    Egyptian Food And Grocery B2B e-Commerce Startup…
  • Ghanaian Agritech Farmerline Raises $1.5 million Equity Funding From Oikocredit In Its Second Close Of Its Pre-Series A Round
    Ghanaian Agritech Farmerline Raises $1.5 million…
  • African-Startups
    African Startups That Have Raised Money This Year
  • Blnk, An Egyptian Fintech Startup Providing Customer Credit, Secures $32 Million Funding In Debt And Equity
    Blnk, An Egyptian Fintech Startup Providing Customer…
  • Kenya's MoKo Secures $6.5 Million In Series B Debt-equity Round
    Kenya's MoKo Secures $6.5 Million In Series B…
  • Kenya's Turaco, An Insuretch Looking To Fill The…
  • Duplo, A Nigerian B2B Payments Startup Digitilizing…

Discover more from TechBooky

Subscribe to get the latest posts sent to your email.

Ibhadojemu Emmanuel

Ibhadojemu Emmanuel

Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.

BROWSE BY CATEGORIES

Select Category

    Receive top tech news directly in your inbox

    subscription from
    Loading

    Freshly Squeezed

    • Huawei Officially Launches HarmonyOS for PC May 10, 2025
    • Canada Nears Launch of Instant Payment Technology May 10, 2025
    • Threads Adds Dashboard for Post & Account Limits May 10, 2025
    • Many X Users are Experiencing Timeline Update Issues May 10, 2025
    • Legend Internet Launches Nigeria’s First Fibre-to-the-Room Service May 10, 2025
    • Over 300K Customers Leave 9mobile Over MTN Roaming Delay May 10, 2025

    Browse Archives

    May 2025
    MTWTFSS
     1234
    567891011
    12131415161718
    19202122232425
    262728293031 
    « Apr    

    Popular Tags

    africa (135) AI (497) android (367) app (717) Apple (576) artificial intelligence (419) business (482) china (132) cryptocurrency (209) ecommerce (122) enterprise (287) facebook (507) fintech (244) funding (121) gadget (558) gaming (201) google (709) government (469) instagram (173) internet (467) ios (291) iphone (246) meta (116) microsoft (369) mobile (352) new feature (384) nigeria (440) privacy (158) research (140) samsung (185) security (421) smartphone (277) social media (836) software (509) startup (419) streaming (174) telecom (242) tips (372) twitter (289) united states (216) users (158) videos (127) website (173) whatsapp (201) youtube (138)

    Quick Links

    • About TechBooky
    • Advertise Here
    • Contact us
    • Submit Article
    • Privacy Policy

    About Us

    TechBooky

    TechBooky is a social Tech blog with a special focus on the budding African Technology sector. TechBooky is currently based in Abuja, Nigeria.

    Recent News

    Huawei Officially Launches HarmonyOS for PC

    Huawei Officially Launches HarmonyOS for PC

    May 10, 2025
    Canada Nears Launch of Instant Payment Technology

    Canada Nears Launch of Instant Payment Technology

    May 10, 2025
    Advertisement Coming to Threads from Next Year

    Threads Adds Dashboard for Post & Account Limits

    May 10, 2025
    Many X Users are Experiencing Timeline Update Issues

    Many X Users are Experiencing Timeline Update Issues

    May 10, 2025
    Legend Internet Launches Nigeria’s First Fibre-to-the-Room Service

    Legend Internet Launches Nigeria’s First Fibre-to-the-Room Service

    May 10, 2025
    Over 300K Customers Leave 9mobile Over MTN Roaming Delay

    Over 300K Customers Leave 9mobile Over MTN Roaming Delay

    May 10, 2025
    • Login

    © 2021 Design By Tech Booky Elite

    Generic selectors
    Exact matches only
    Search in title
    Search in content
    Post Type Selectors
    • African
    • Artificial Intelligence
    • Gadgets
    • Metaverse
    • Tips
    • About TechBooky
    • Advertise Here
    • Submit Article
    • Contact us

    © 2021 Design By Tech Booky Elite

    Discover more from TechBooky

    Subscribe now to keep reading and get access to the full archive.

    Continue reading

    We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok