Kenya’s B2B agritech startup, iProcure, has raised $10.2 million in Series B funding to expand to Tanzania.
Investisseurs & Partenaires (I&P) led the round. With Novastar Ventures, Ceniarth, and British International Investment (BII) participating.
Stefano Carcoforo, Nicole Galletta, Patrick Wanjohi, and Bernard Maingi founded iProcure in 2014. The company connects agricultural manufacturers and distributors to local retailers (agro-dealers) through its unique distribution infrastructure that connects agricultural supply chains.
iProcure offers agro-dealers an end-to-end Enterprise Resource Planning (ERP) system that can be accessed via mobile devices, assisting them in managing their sourcing and distribution.
Because retailers can now source directly from certified manufacturers and distributors, this technology helps them control the penetration of sub-standard supplies.
iProcure currently connects 5,000 agro-dealers to various manufacturers and expects the number to grow as it adds more partners and retailers across its markets.
By adding more retailers to its system, iProcure will gain access to the data needed to inform its growth strategy, which includes a buy now, pay later (BNPL) service currently in the works.
It also plans to double its distribution hubs to 20, boosting last-mile delivery.
iProcure claims to have grown 16 times in the last 4 years, with revenue doubling yearly except in 2020 due to Covid.
The funds will be used to expand its presence in its current markets —- Kenya and Uganda.
Also, iProcure will use the funds to introduce higher quality, lower-cost products from international players.