funding gap emerging markets
Kenya

iProcure 7

  • Fortem Holdings
  • Direct investment
  • + 782 other investors
  • With a loan of EUR 400,000 iProcure can purchase inventory (e.g. seeds and fertilizers) for the 17 depots and 4 regional warehouses and distribute the agricultural inputs to the 30,000 farmer base.

    €400,000
    Amount
    6.00%
    Interest
    24 months
    Maturity
    6 months
    Repayments
    EUR
    Currency
    Amount€400,000
    Interest6.00%
    Maturity24 months
    Repayments6 months
    CurrencyEUR
      100%
      Fully funded in 2 days on 18 June 2022.
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      Summary

      Summary

      iProcure is an agricultural inputs distribution company that leverages its proprietary mobile technology platform to lower the cost of agricultural inputs for the smallholder farmers (“SHF”). The company is able to provide farmers with cheaper agricultural inputs by aggregating demand from multiple farming communities through its mobile and online platforms and deliver the inputs based on the acquired data (orders, sales etc.). It focuses on last mile distribution channels, and most of its end clients are currently in the dairy sector.

      The company has grown a nationwide network of over 17 operational depots and four regional distribution centers, located mainly in the Central and Rif Valley selling agricultural inputs directly to the farmers. The company’s objective is to build out the infrastructure (both brick and mortar as well as supply chain software) to make rural distribution cost effective and predictable. Using the iProcure platform the company registers local farmers, agro-dealers, and stockists (retail dealers) that require agricultural inputs for their clients. iProcure provides them with free access to the iProcure platform to aggregate orders and deliver the inputs to the stockists shortly after.

      In 2017, iProcure secured its first consignment partnership (i.e the products are not on its balance sheet) with a leading East African manufacturer of Agri-Inputs. This involves the distribution of its products for a commission on sales with a cost sharing arrangement on warehousing expenses.

       

      Mission

      The company’s mission is to sustain SMEs (farmers) in rural areas through improved efficiency of supply chains.

       

      Vision

      By 2024, iProcure aims at becoming a regional Logistics & Technology company across East Africa meeting the needs of rural customers in the region.

       

      Use of Proceeds

      The company will use the funds as a working capital facility to purchase inventory and supply its network of agro-dealers around the country.

       

      Impact

      Accessibility of quality, affordable agricultural inputs to its network of agro-dealers and farmers.

      This loan will allow iProcure to serve an additional 1,000 agro-dealers and circa 30,000 additional farmers purchasing quality, affordable inputs.

       

      Highlights or Awards:

      • Company founded in 2012
      • 17 farm depots
      • 4 regional distribution, storage and handling warehouses
      • Serves > 3,000 agro-dealers
      • >500 iPOS handheld devices distributed throughout network
      • Proprietary platform with online and offline functionality
      • CAGR of 137% in revenue between January 2015 and December 2019
      • Interest and Support from Reputable Investors and Partners
      Company nameiProcure 7
      CEOStefano Carcoforo
      Founded2012-01-01
      LocationNairobi
      SectorAgriculture
      Turnover€5,800,000
      Employees82

      Impact

      Many smallholder farmers in remote locations have a hard time getting hold of the agricultural supplies they need to grow and sell their crops. iProcure connects a broad network of local retailers on their mobile technology platform, giving local farmers timely and convenient access to the supplies they need. By aggregating the demand from multiple farming communities, customers get necessary agricultural inputs on time and at affordable rates.

      Progressive partnerships like iProcure’s network have the potential to increase environmentally sustainable farming practices, which can bolster smallholder farmer yields and productivity. In turn, it can increase rural income and enhance profitability, food security, and significantly reduce poverty.

       

      SDGs impacted

      With this project you are contributing to the following Sustainable Development Goals:

      SDG 1 - No poverty

      SDG 2 - Zero hunger

      SDG 8 - Decent work and income

      SDG 12 - Responsible consumption and production

      Read more about the impact you can make through our platform and the SDGs on our impact page.

       

      Related blog posts

      • Read the introduction of iProcure to our portfolio here. 
         
      • Find out how iProcure fights poverty using technology in this article.
         
      • We visited iProcure's operations in Kenya and wrote about their impact on the lives of agro-dealers and the local community in this article
      • With this investment 20 jobs are created
      • With this investment 1000 lives are improved

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      We have already contributed for iProcure 7

      Marlies Witteveen
      melle reiff
      Manfred Jansen
      Gert Mosterd
      Jan Meijberg
      + and another
      782
      investors