iProcure secures $10.2M funding
Data-driven agriculture input supply company iProcure has secured $10.2million series B funding. A diverse group of international investors led by Investisseurs & Partenaires (I&P) were responsible for the funding.
The main aim of the funding is to enable expansion into Uganda and Tanzania. Furthermore, to launch a credit offering for Agro-retailers to purchase suppliers on credit.
iProcure has revolutionized traditional agricultural supply chains in East Africa by developing its own distribution infrastructure connecting major agricultural input suppliers directly to local agro-dealers via its proprietary distribution technology system.
Moreover, by developing a unique agricultural supply chain in East Africa, iProcure has revolutionized distribution infrastructure in the sector. In addition, by cutting out multiple levels of middlemen in the agricultural supply, iProcure ensures the access to inputs like fertilizers and seeds at up to a 25% discount.
“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” iProcure’s new CEO Niraj Varia shared.