Agrictech, iProcure Raises $10 Million Series B Funding

Agrictech, iProcure Raises $10 Million Series B Funding

iProcure, a Kenyan-based business-to-business (B2B) tech-enabled agricultural company, has raised the sum of Ten Million Dollars ($10 Million) in Series B funding. This was extended to help part of its plans launch to Tanzania.

The round was led by Investisseurs & Partenaires, I&P, followed by British International Investment (BII) and Novastar Ventures.

iProcure was Co-founded in 2014 by Nicole Galletta, Stefano Carcoforo, Bernard Maingi,and Patrick Wanjohi. It was established to link agricultural producers (manufactures) and distributors to retailers or agro dealers. This is done through an designed distribution system that links the supply chain in agriculture.

The Agrictech provides agro-dealers with an encrypted Enterprise Resource Planning (ERP) infrastructure they can ingress through their mobile devices. It is designed to help them manage how they source and distribute their resources.

Through iProcure retailers have the ability to order directly from verified manufacturers and distributors. This platform helps the retailers control the access of low quality of supplies in the market.

The platform is said to currently link about Five Thousand agro-dealers with different manufacturers and distributors. iProcure expects to have more users on the platform as it plans to partner and retailers.

If iProcure can be able to add more retailers to the platform this will have access to more information to grow its platform and marketing strategy, this will include features like the Buy Now, Pay Later (BNPL), a feature the company is currently working on. There are also information that the agrictech intents to increase its distribution hubs and boost its last mile delivery at the same time.

The startup says it has increased by sixteen times in the last four years and a yearly revenue that double.

The raised funds will help the  startup expand it operations to Kenya and also Uganda.

It also plans to use some of the funds to bring in products of lower cost and higher quality into the market.