IProcure
Data-driven agricultural inputs supply chain platform.
| Date | Investors | Amount | Round |
|---|---|---|---|
| investor | €0.0 | round | |
| investor | €0.0 | round | |
| investor | €0.0 | round | |
| N/A | €0.0 | round | |
* | $175k | Grant | |
| Total Funding | 000k | ||
iProcure is a Kenyan agricultural supply chain platform founded in 2013 by Stefano Carcoforo, Nicole Galletta, Patrick Wanjohi, and Bernard Maingi. The company developed a distribution infrastructure to connect agricultural input suppliers directly with local agro-dealers, who serve smallholder farmers in rural Africa. The business model is designed to optimize the fragmented agricultural supply chain by cutting out multiple levels of middlemen. This approach aims to ensure the availability, quality, and delivery of crucial inputs like seeds and fertilizers at more competitive prices.
The company's core offering combines logistics with technology. iProcure operates a network of warehouses and delivery vehicles to manage the physical distribution of products. It provides agro-dealers with a proprietary point-of-sale (POS) hardware and software system that allows them to track sales, manage inventory, and automate stock replenishment. This technology provides real-time data and business intelligence, giving manufacturers visibility into product movement and demand at a granular level, which helps in production planning. iProcure's revenue is generated by selling inputs directly to the agro-dealers. The company has also explored offering credit services to these retailers to help them manage their working capital.
Throughout its history, iProcure has served over a million farmers through a network of thousands of agro-dealers in Kenya and Uganda, with plans to expand into Tanzania. The company has raised significant capital, including a $10.2 million Series B round in 2022, to fuel its growth. However, the company has faced significant financial challenges. In April 2024, iProcure was placed under administration after failing to meet its financial obligations and subsequently filed for bankruptcy. Despite this, the co-founders are reportedly working with the company that acquired its technology to restore services.
Keywords: agricultural supply chain, agritech, last-mile distribution, farm inputs, business intelligence, inventory management, procurement platform, rural Africa, smallholder farmers, agro-dealers, supply chain optimization, data-driven logistics, SaaS, POS systems, agricultural technology, Kenya agritech, East Africa agriculture, fertilizer distribution, seed distribution, supply chain financing