Kenyan business-to-business (B2B) agritech startup IProcure just raised $10.2 million in Series B funding to grow beyond its current markets of Kenya and Uganda.
Following that, the corporation has its sights set on Tanzania.
In addition to Investisseurs & Partenaires, participants in the round included Ceniarth, Novastar Ventures, and British International Investment (BII). The round was chaired by Investisseurs & Partenaires (I&P).
Procure was started in 2014 by Stefano Carcoforo, Nicole Galletta, Patrick Wanjohi, and Bernard Maingi.
With the help of a special infrastructure that links agricultural supply chains, the business connects local retailers (called “agro-dealers”) to agricultural distributors and manufacturers.
IProcure gives agro-dealers an end-to-end Enterprise Resource Planning (ERP) solution that can be accessed from mobile devices to help them manage their sourcing and distribution.
This technology has enabled retailers to acquire products directly from certified manufacturers and distributors, resulting in the creation of new efficiencies that reduce the market share held by low-quality products.
Procure forecasts that the number of agro-dealers it connects to manufacturers will rise from 5,000 in the coming months as the company expands its network of partners and retailers throughout its various regions.
IProcure will have access to the information it needs to steer the development of its buy now, pay later (BNPL) service, which is now under development. This information would obtained by integrating more stores into the platform. In addition, it plans to increase its last-mile delivery by doubling the number of distribution hubs it already has, bringing the total to 20.