iProcure, a Kenyan agritech startup supported by Safaricom’s Spark Fund, is now being managed by administrators due to unresolved debts. KPMG’s advisory arm has taken charge and will try to revive the company. If revival fails, liquidation might be considered to ensure creditors get their money back.
Founded in 2013 by Stefano Carcoforo, Nicole Galletta, Patrick Wanjohi, and Bernard Maingi, iProcure aimed to assist distributors of agricultural supplies, like fertilizers, in sourcing products from manufacturers. The Nairobi-based firm had secured $17.2 million from investors to expand and enhance its technology.
Makenzi Muthusi, appointed by KPMG, will oversee iProcure’s offices, assets, and operations, along with handling claims from other creditors. Directors of the company no longer have authority over its affairs.
Creditors are asked to submit claims by May 14, 2024, for consideration.
Despite attempts to reach out, iProcure and Muthusi were unavailable for comments.
Several Kenyan startups, including Notify Logistics, WeFarm, and Kune, have closed down since 2021 due to challenging economic conditions and a funding shortage impacting tech firms across Africa. Agriculture and logistics startups particularly struggle due to regulatory hurdles and market challenges, as highlighted in a Mozilla Foundation report from February 2024.
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