Kenyan agri-tech startup, iProcure, has been placed under administration due to its inability to clear up undisclosed debts.

The advisory arm of global consulting firm, KPMG, has also been appointed the firm’s administrator, taking control of iProcure’s offices, assets, and operations, and managing all claims from creditors, according to the country’s regulatory authorities.

“Following the appointment, all the affairs and business and properties of the company are being managed by the Administrator,” KPMG said in a notice.

“The directors of the company no longer have any power or authority to deal with these matters.

“Any party having a claim against the company should submit their claim in writing, with relevant supporting documentation to the Administrator on or before May 14 2024 for consideration,” it added.

According to the regulations, the legal process of being put under administration provides a financially-challenged company with “breathing space”, freeing it from creditor enforcement actions while any possible financial restructuring takes place to rescue the company as a going concern, where possible.

iProcure which was launched in 2013, had developed its own distribution infrastructure, connecting major agricultural input suppliers directly to local agro-dealers via its proprietary distribution technology system.

By cutting out the multiple levels of middlemen in the traditional agricultural supply chain and providing technology-driven insights on supply levels and price, iProcure ensured the availability, quality, and delivery of critical agricultural inputs like fertilizers and seeds at up to 25 per cent discount from prevailing market prices.

The startup had previously raised a total of US$17.2 million in debt and equity funding, including a US$10.2 million Series B round in 2022, led by Investisseurs & Partenaires (I&P) with participation from Novastar Ventures, British International Investment (BII), and Ceniarth.

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 following a host of startups that have already closed their doors, while pressures remain on many others.

The African Union has entered a partnership with Google Africa aimed at celebrating the continent’s thriving creative economy which has “fueled innovation, create jobs, and economic growth across Africa.”

Addy Awofisayo, Head of Music for Sub-Saharan Africa, who announced the collaboration, said Google Africa, having recognized this potential, decided to team up with the African Union to launch the #DiscoverMyAfrica Shorts Challenge, a month-long campaign of the continent’s rich diversity, heritage, and vibrant spirit.

“In celebration of Africa Month, YouTube creators across Africa are invited to share short videos capturing their unique perspectives using the #DiscoverMyAfrica hashtag,” Awofisayo said.

“The challenge encourages them to showcase various facets of African life, from music and art to food, fashion, and local landmarks.

“It will be a curated playlist of African-inspired music on YouTube Music that will fuel inspiration and accompanies these creative expressions.

“This initiative goes beyond celebration. #DiscoverMyAfrica empowers African youth to share their stories and rich cultural heritage globally.

“By providing a platform for African voices, the challenge fosters cultural exchange and positions Africa as a hub of creative energy.

“It’s about unlocking the vibrant future of Africa’s creative landscape, aligning with the vision of a digitally-enabled Africa harnessing its cultural wealth for economic growth and social progress.

“YouTube is committed to supporting the diverse voices and talents that make up Africa’s creative landscape,” said Awofisayo.

He added that the “initiatives provide valuable resources and platforms for African filmmakers, musicians, and content creators to share their stories and connect with global audiences.”

The #DiscoverMyAfrica Challenge is part of the African Union’s collaborative effort in driving innovation through strategic partnership with Google, through the Office of the Youth Envoy, Make Africa Digital (MAD) initiative.

The MAD initiative is implemented under the African Union’s Digital Transformation Strategy 2020-2030 which envisions an “integrated and inclusive digital society and economy in Africa that improves the quality of life of Africa’s citizens.