iProcure 3

With a loan of EUR 410,000 iProcure can purchase inventory (e.g. seeds and fertilizers) for the depots and warehouses and distribute the agricultural inputs to the 30,000 farmer base.

  • Direct investment
  • 20 new jobs
  • 1000 people reached



24 months



Annual interest



6 months

Repayment period
Fully funded in 1 day on 26 May 2021.
+ 899 other investors

About the issuer                

Borrower:                                          Fortem Holdings (parent company)                              
Credit base:                                      iProcure (Kenyan based subsidiary)                         
Country of operations:                     Kenya                                                                            
Head office:                                      Nairobi                                                                   


Project terms

Currency:                                          EURO
Amount:                                            410,000
Maturity:                                           24 months, semi-annually and linearly amortizing
Grace Period:                                   n.a.                      
Interest rate:                                     6% p.a.
Security:                                           inventory, receivables and fixed assets

Direct loan

This is a direct loan to a company (rather than lending to a financial institution) and therefore it is recommendable that you are careful with the amount you will invest. High risk product.





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.



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


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.


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.

COVID-19 Update

Kenya’s GDP is projected to decelerate substantially in 2020 due to the negative impact of the COVID-19 pandemic. Economic growth projection remains highly uncertain and the outcome will hinge on how the pandemic plays out internationally and within Kenya, along with policy actions taken to mitigate the situation.

GDP growth in Kenya is expected to contract significantly; the Central Bank of Kenya revised its estimate for 2020 from the initial 6.2% to 3.4%. McKinsey & Company has placed growth expectations for Kenya at 1.9%. Fiscal and monetary measures have been like what was taken by other countries in the region: lowering policy rate, easing cash reserve ratio and deciding tax relief package. The WB approved $ 1B in financing. The IMF approved $ 739M. Both lines are equivalent to around 1.5% of GDP. KES depreciated by 6% vs the $ since January 2020.

Company specific COVID-19 impact

COVIDs impact on the business has been marginal in relation to most others as the agricultural sector has been quite resilient so far.

  • Revenues are expected to decline marginally this year despite a strong performance up until the middle of 2020 which saw our revenues grow by approximately 6% over the same period the year before.
  • Despite the projected decline in revenue the businesses position with regard to profit has improved with an steadily declining burn rate. This is fueled by continual optimization of the product/inventory mix that has seen our average gross margin grow from 9% in 2019 to 14% in 2020, with further improvements expected for the remainder of the year, again fueled by better overall product margins as a result of direct supply arrangement made with international manufacturers.
  • The business operates on mainly cash terms with its customer base. This shield the company from any shock to the supply chain resulting from suppliers restricting credit. This has help buffer the company from the immediate negative impact of COVID on both international and domestic supply chains. This however has not meant that the impact has not affected the performance entirely; towards the end of Q1 2020 the company experience an acute disruption in the fertilizer supply chain as a result of the sudden weakening of the Kenya Shilling against the dollar this caused a temporary (~1 month) disconnect in the supply of fertilizer in the market and the subsequent product scarcity.

Management Team

Stefano Carcoforo, CEO

Born in Nairobi. Stefano chose to pursue a career in systems engineering and began his career working for a branch of Phillips Engineering as a Systems Engineer. After 2 years he left to work in the field of development. Stefano has worked extensively overseeing large development projects in Cameroun and Haiti (Post-Earthquake). During that time, he developed systems to improve supply chain processes in the construction industry as well as software to facilitate in real-time remote reporting of project progress.

Danson Mwaura Mutungu, CFO

Danson joined iProcure in October 2019 after 10 years at Deloitte as a manager in the advisory team.

He has covered the role of Lead Consultant in National Treasury consultancy assignment. This is a 5-year consultancy which entails offering of technical assistance to all 410 state corporations in Kenya on preparation of financial statements and application of financial reporting standards.

He is a Certified Public Accountant in Kenya. Technical skills include thorough knowledge of International Financial Reporting Standards (IFRS), International Public Sector Accounting Standards (IPSAS) and donor funded requirements (USAID, EU, Global Fund, CDC and UNDP).

Nicole Galletta , COO

Nicole has worked extensively in the food security sector building and deploying demand aggregation and needs assessment tools for the Food and Agriculture Organization (FAO) in post disaster contexts.

She worked with Telespazio Spa, building out Geographical Information Systems for sub-Saharan Africa.

She ensures that iProcure is operating effectively in order to meet customer needs. Her role is to design and optimize the supply chain, set up the infrastructure network, develop and execute standard operating procedures that range from logistics and sales, to suppliers contracting and platform development

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 nameFortem Holdings
CEOStefano Carcoforo

Impact of this project

  • With this investment 20 jobs are created
  • With this investment 1000 people are reached

About the investment

TypeDirect investment
IssuerFortem Holdings
Funding target€410,000
Annual interest6.00%
Maturity24 months
Repayment periodSemiannually
Terms and conditionsShow
Note termsDownload
Information document issuerDownload

About the risks

What are the risks of investing money?

The risk level depends on the specific project. Local partners cover the risk of currency exchange rates and defaults on Local Partner investments. They do this by maintaining financial reserves for this purpose. Aside from that, there is an option to claim their equity if needed. While these measures are intended to minimize the risk to investors, our local partners face risks of their own that could affect their ability to secure your investment. These include - bankruptcy - currency exchange rates - fraud - operational risks - political and regulatory changes - natural disasters or epidemics.

With direct investments, risks of default are not covered. As the risks are higher, so are the interest rates.

There is also some operational risk at Lendahand. An example might be that Lendahand is unable to find shareholders to finance their activities. In such a case, Lendahand will handle outstanding investments at the best of its ability. At the same time, our ability to legally address non-payment from local partners becomes understandably difficult.

How does Lendahand minimize the risks?

Every local partner must share our social mission to ensure local entrepreneurs can access affordable financing, allowing them to grow their business. Local partners must also have a 'track record'; they must have proven themselves as a reliable credit provider for SMEs.

For instance, this means a solid credit portfolio and enough buffers and equity to compensate for unexpected downturns. We also check the organizational structure of the portfolio company and how robust their (internal) procedures are. Finally, the investments must be in proportion to the total balance of that portfolio company. A healthy balance between effectuating influence and being independent is crucial. If you would like to receive more information on the financial indicators we employ, please contact us via

When currency exchange risks become too high for a local partner, Lendahand will urge the local partner to cover these risks. In some scenarios, the local partner is contractually obliged to comply with these demands.

Lendahand always conducts due diligence when companies request funding. The results can be downloaded on the project detail page. However, this analysis is not investing advice.

Does Lendahand provide a guarantee?

Usually we don't. Local partners take care of the repayment, even if (some) entrepreneurs are unable to do so themselves. If the local partner is for some reason unable to repay then there is a chance of partial or full loss of your money. For this reason, Lendahand only selects financially solid partners based on strict criteria.

For most direct investments, there is no guarantee. However, currency risks are covered.

Sometimes, and only for some direct investments in Africa, our partner Sida, part of the Swedish government, will guarantee a maximum of 50%. Read here more about guarantees with Sida. Projects with Sida guarantees are indicated explicitly on the project page.

Does Lendahand have a license or exemption?

Yes. The Dutch Authority Financial Markets (AFM) has provided Hands-on B.V. (with trade name 'Lendahand') in September 2016 with an investment firm license in accordance with article 2:96 of the Financial Markets Supervision Act (Wft). Placing orders on Lendahand's website is therefore an AFM regulated activity. Lendahand also meets its minimum capital requirements following its license as required by De Nederlandsche Bank (DNB).

Lendahand uses an exemption from an approved prospectus that is available up to EUR 5 Million per year. 

How safe are my personal details?

We adhere to strict safety requirements concerning private and payment details. All sensitive data is sent through an encrypted connection (https). Also, information is stored (encrypted) in a secured facility provided by AWS: the world’s largest hosting service. A secured connection and multi-factor authentication can only retrieve customer documents.

What happens if the local currency devaluates?

Our local partners and companies bear the exchange rate risks. We settle the investments, redemptions, and interest payments in euro.

Does Lendahand use a third foundation fund?

Lendahand works with Intersolve EGI: a Dutch financial institution specializing in payment settlement and electronic money. To be able to offer these financial services, Intersolve EGI must comply with the applicable financial legislation. Intersolve EGI is therefore supervised by De Nederlandsche Bank (DNB) and the Netherlands Authority for the Financial Markets (AFM) and owns a license to act as an Electronic Money Institution (and therefore also has a license as a Payment Institution). Your money will be deposited on a protected and secure bank account until the project you have invested in has been fully funded. Intersolve has no access to these funds. Once the project is fully funded, the money is transferred to the local partner or company in question.

What happens with my money if Lendahand goes bankrupt?

If Hands-On BV (containing the brand name Lendahand) went bankrupt, trades between Lendahand and payment service provider Intersolve EGI would cease immediately. Intersolve will then transfer the funds in your wallet to your bank account (Note: if at this time the project you have invested in has been fully funded and the money has thus been transferred to the local partner, these funds will not be transferred back to your bank account). Intersolve will then, in consultation with a trustee, handle all repayments between the investors and entrepreneurs until the final repayment of the last project has taken place.

Additionally, Lendahand is part of the investor compensation scheme (ICS). This scheme aims to compensate individuals and small businesses with trusted money and or financial instruments (such as notes or options) to a licensed bank, an investment firm, or a financial institution. In case the financial firm is unable to meet its obligations arising from claims related to the investment service (in other words, if Hands-On BV is not keeping track of the acquired notes by investors in the Wge depot correctly). The ICS guarantees an amount of up to €20.000 per individual. For more information, go to

Why is Intersolve EGI handling my money?

As part of the AFM license for investment firms, it is required that operational activities carried out by Lendahand (maintaining the website, contracting of local partners, legal issues, etc.) are strictly separated from financial transactions (payments made through the website). Intersolve takes care of the costs. This collaboration offers you more security since your money is placed on a protected bank account immediately after making your payment.

What happens when a local partner goes bankrupt?

When a local partner goes bankrupt, there’s a chance you’ll lose (part of) your money. Lendahand will try to recover outstanding payments, but the success rate is limited in such situations. For you, as an investor, there’s no possibility of taking action against the financial institution. Therefore, it is recommendable to choose several different projects.

About Fortem Holdings

Total assets€2,931,156
Leverage ratio50.00%

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