Kenyan agri-tech startup iProcure has been placed under administration due to undisclosed debts being unpaid. Launched in 2013, iProcure has developed its own distribution infrastructure, connecting major agricultural input suppliers directly to local agro-dealers via its proprietary distribution technology system. Also backed by Safaricom’s Spark Venture Fund, iProcure expanded to Tanzania last year, but it has become one of the latest victims of the global economic crisis, and resultant “funding winter”, and been placed under administration. iProcure is the latest African tech venture to feel the heat in the current global capital shortage. Kenyan retail-tech startup MarketForce, for example, was recently forced to close down its B2B e-commerce platform RejaReja in the light of failing to adequately scale it given the global “funding winter”.

Source: The North Africa Journal May 03, 2024 16:25 UTC