Kenyan B2B agritech startup iProcure raises over $10 million in funding

iProcure, a Kenya-based B2B agritech startup simplifying the agricultural distribution value chain via the supply of efficient farm inputs, has raised $10.2 million in its Series B funding round, to improve its input supply network.

• Investisseurs & Partenaires (I&P) invested $1.2 million in debt financing as part of the round.
• The fund will be used to scale its operations in Kenya and Uganda and launch in Tanzania and introduce top quality cheaper products sourced from international markets to its supply network.
• The agritech startup currently connects 2,500 farmers to different manufacturers for supplies and intends to increase this number.
• It has grown 16x every year and 2xed its revenue, except for 2020 due to the COVID-19 pandemic.
• Novastar Ventures, Ceniarth, and British International Investment (BII) participated in the latest raise.