Kenya’s iProcure, a startup offering agricultural inputs and digital supply chain solutions in rural Africa, has announced the closure of its $10.2 million Series B round.  

The investment was in debt and equity which came from a number of international investors led by impact investor Investisseurs & Partenaires (I&P).  

Joining the round were Novastar Ventures and British International Investment (BII) (formerly CDC Group) which injected $3 million into the deal. The impact investment group and US-based New General Market Partners and Ceniarth also participated in the round.  

iProcure, which has grown 23 times in the past five years, will use the investment to scale and solidify its position in East Africa and support its expansion into Uganda and Tanzania, as well as upscaling its technologies, logistical infrastructure, and distribution network. iProcure will also launch a credit offering for agro-retailers to purchase supplies.  

Niraj Varia, iProcure’s new CEO and former partner at Novastar Ventures, said, “In addition to bolstering our existing operations with more warehouses and delivery vehicles, this funding will expand iProcure’s product offering to include credit services and a new POS system for agro-dealers to better forecast their inventory needs and reduce pilferage within their shops. This will help our 5,000+ partner retailers increase their earnings and better serve the hundreds of thousands of farmers that depend on each shop.” 

Orginal Article Link: https://agfundernews.com/iprocure-closes-10-2m-series-b-to-digitize-rural-supply-chains-in-kenya-and-beyond