Agri-Tech Startup Raises $10.2M To Expand Services Across Africa
African-based agri-tech startup iProcure has closed a $10.2 million Series B funding round to further expand its services to Uganda and Tanzania.
The funding round led by Investisseurs and Partenaires included participation from Novastar Ventures, British International Investment (BII), and Ceniarth.
iProcure, founded in 2013 by Stefano Carcoforo and Nicole Galletta, has grown to become one of rural Africa’s most significant agricultural supply chain platforms.
Not only has the platform revolutionized agriculture supply chains in Africa, but it has also helped connect manufacturers and distributors with local retailers. Additionally, iProcure provides data-driven stock management services to supply chains across Africa.
“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,” said Stefano Carcoforo, former CEO of iProcure.
“We’re also going to be allocating some of the resources towards introducing higher-quality cheaper products that we are sourcing from international players.”
According to the company, iProcure has helped connect approximately 5,000 agro-dealers to different manufacturers. In addition, the platform, which has become trusted by millions of farmers, has helped bring new products into Kenya’s markets through its distribution technology system.
The additional funding will bolster the platform’s other operations with more warehouses and delivery vehicles. iProcure also aims to expand its product offering to include credit services and a new POS system to help better agro-dealers forecast their inventory needs.