Kenya’s agritech startup iProcure positioned underneath administration over undisclosed debt

Kenya’s agritech startup iProcure positioned underneath administration over undisclosed debt

iProcure, the Kenyan agritech startup backed by Safaricom’s Spark Fund, is now underneath administration after failing to settle undisclosed money owed. 

KPMG’s advisory arm was appointed the administrator and will probably be tasked with reviving the corporate. If it fails to revive the corporate, it should think about liquidation as a closing resort to make sure collectors get better their cash.

iProcure was based in 2013 by Stefano Carcoforo, Nicole Galletta, Patrick Wanjohi and Bernard Maingi to assist distributors of agricultural inputs like fertilisers supply merchandise from producers. The Nairobi-based agency raised $17.2 million from buyers to increase and develop its know-how stack.

Makenzi Muthusi, the KPMG-appointed administrator, will take management of the corporate’s places of work, belongings, and operations. Muthusi may also handle all of the claims coming from different undisclosed collectors.

“Following the appointment, all of the affairs and enterprise and properties of the corporate are being managed by the Administrator. The administrators of the corporate not have any energy or authority to cope with these issues,” KPMG mentioned in a discover.

“Any occasion having a declare in opposition to the corporate ought to submit their declare in writing, with related supporting documentation to the Administrator on or earlier than 14 Could 2024 for consideration.”

iProcure didn’t instantly reply to a request for feedback.

Muthusi, the court-appointed administrator, was unavailable to offer feedback.

At the least 10 Kenya-based startups, together with Notify Logistics, WeFarm and Kune, have shut down since 2021 due to worsening macroeconomic situations and a funding winter that has hit tech companies throughout Africa. 

In line with the Mozilla Basis, startups within the agriculture and logistics sectors wrestle probably the most to get the correct product-market match amid over-regulation of merchandise, inputs, and gear in most African international locations.

“The frequent challenges confronted by agritech startups embrace adoption and consciousness, connectivity and infrastructure, knowledge high quality and integration, and regulatory and coverage atmosphere the place compliance with agricultural rules, insurance policies, and environmental requirements,” Mozilla Basis mentioned in a report launched in February 2024.

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