Tech

Kenya agri-tech startup iProcure placed under administration over unpaid debts

Published

8 months ago

May 4, 2024

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.

Related Topics:Administration Agri-Tech Debts Featured iProcure

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Tech

20 African tech-preneurs embark on Korean innovation tour

Published

9 hours ago

December 22, 2024

Isaac Dachen

The African Development Bank Group’s Innovation and Entrepreneurship Lab has selected 20 promising tech entrepreneurs from various African technology ventures and enterprise support organisations to embark on a two-week study tour of the Republic of Korea, with the aim of seeking investment and insights from the country’s innovative tech ecosystem.

The selected entrepreneurs are from 133 ventures that participated in last month’s Africa Tech Startup Forum.

The forum which will hold under the auspices of the lab’s “Leveraging the Entrepreneurial and Innovation Success of Korea to Strengthen African Enterprise Support” project, had selected entrepreneurs who pitched the best business models during the week-long virtual market access and acceleration programme preparing, training, and connecting technology ventures with opportunities.

The 20 young tech-preneurs were selected from eight African countries including Nigeria, Egypt, Ghana, Kenya, Morocco, Rwanda, South Africa, and Uganda, with the delegates spanning various sectors in the technology space.

While in Korea, the African delegates will pay visits to prestigious institutions such as Global Startup Centre, LG Science Park, the Korea Software Technology Association, and the Global Digital Innovation Network.

Speaking on behalf of the delegates, founder of Kenya-based health technology venture Zuri Health, Uche Ezadinachi said:

“I am excited to go to Korea because the country has made serious technological developments. The country is a technology-driven society, and this tour is an opportunity for me to see how we can bring such technology to Africa.

“We will share experiences with our Korean counterparts; they will learn from us as much as we learn from them,” he added.

Tech

Kenya’s ticketing startup BuuPass partners Flexpay for flexible travel payments

Published

3 days ago

December 19, 2024

Isaac Dachen

Kenyan digital ticketing startup, BuuPass, has entered into a partnership with goal-based savings platform, Flexpay, to offer customers flexible payment plans ahead of holiday travels as well as simplify travel planning and ease the financial burden of holiday travel for Kenyans.

Co-founder and CEO at Buupass, Sonia Kabra, who unveiled the package at a press conference, said the collaboration between the two platforms will allow travellers to save for their journeys in manageable, interest-free installments over four to 12 weeks.

“Travelers can select their travel dates, book tickets, and pay a small deposit upfront, with the remaining balance spread across weekly or monthly payments,” she said.

“This approach offers a stress-free way for families and large groups to secure their tickets early, helping them avoid last-minute price hikes as fares are locked in.

“By partnering with Flexpay, we’re giving travelers the flexibility to budget for their trips in advance. This initiative aligns with our mission to make travel accessible to everyone, providing a solution that meets customers where they are financially,” said Kabra.

Also speaking at the event, Richard Machomba, CEO and founder of Flexpay, said:

“Flexpay’s mission is to empower individuals by providing accessible financial solutions that make it easier for them to achieve their financial goals.

“By partnering with BuuPass, we’re making travel more accessible and stress-free for Kenyans, especially during the holiday season when expenses can be overwhelming,” Machomba added.

Founded in 2016 by Kabra and Wyclife Omondi, BuuPass is a B2B2C mobility marketplace that enables users to search, compare, and book travel tickets via web, app, or USSD, while its SaaS platform helps bus operators manage their operations, inventory, and sales.

FlexPay, on the other hand, is an online and offline payment gateway that allows merchants to offer interest-free targeted savings to their customers in Africa.