Kenya’s B2B agtech startup, iProcure has secured $10.2 million in Series B funding round.
The latest round includes $1.2 million debt, and was led by Investisseurs & Partenaires (I&P), and it brings the total funding raised by iProcure, so far, to $17.2 million. Novastar Ventures, Ceniarth, and British International Investment (BII) also took part in the round
Iprocure says it will use the funding to grow its presence in Kenya and Uganda, which are its current markets, and to enter Tanzania.
The firm says it will also allocate some of the resources towards introducing higher quality cheaper products that they are sourcing from international players.
Since 2014, iProcure has been connecting agricultural manufacturers and distributors to local retailers (agro-dealers), through its unique distribution infrastructure that interlinks agricultural supply chains.
The firm currently connects 5,000 agro-dealers to different manufacturers but this number is set to grow as it onboards more partners and retailers across the three markets, and as it doubles its distribution hubs to 20, boosting its last-mile delivery.
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