Tech

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

Published

7 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

Click to comment

Tech

Ghana partners with The Gambia to provide free roaming services

Published

21 hours ago

November 21, 2024

Isaac Dachen

Ghana and The Gambia are in the process of launching free roaming services that will enhance a West African connectivity.

The plan which is a joint initiative of the Ghana Ministry of Communications and Digitalisation and The Gambian National Communications Authority (NCA) will see mobile users in both countries avoiding extra charges for calls, texts, and data, which in turn, is expected to boost trade, tourism, and economic integration across borders.

The collaboration, according to a joint statement by the two bodies, aligns with the Economic Community of West African States’ (ECOWAS) broader push for seamless regional communication.

“Ghana and The Gambia are forging new paths in West Africa’s digital landscape, implementing a free-roaming initiative,” the statement said.

“This move strengthens regional connectivity while highlighting the role of technological collaboration in fostering economic integration. The initiative enables mobile users travelling between the two nations to make calls, send messages, and use data services without additional roaming fees.”

It further noted that by reducing these costs, the program aligns with the ECOWAS Free Roaming Initiative, which seeks to eliminate barriers to communication across member states.

“It is a boost for trade and travel as the free roaming plan is expected to spur economic activities by streamlining cross-border communication.

“Businesses and individuals travelling between Ghana and The Gambia can now stay connected without worrying about exorbitant charges, facilitating smoother transactions and personal interactions. The initiative is also expected to attract more tourists by ensuring seamless digital access for visitors.

“This collaboration marks another milestone in Ghana’s commitment to expanding digital connectivity, following Ghana’s successful implementation of similar agreements with Côte d’Ivoire, Togo, and Benin, with talks of possible roaming partnerships with Liberia.

“By focusing on digital integration, Ghana and The Gambia demonstrate the power of technology to bridge gaps between countries. This step also serves as a model for other West African nations to join the free-roaming framework, contributing to the larger goal of a connected and economically integrated region,” it added.

Tech

Tanzania to host 6th Ocean Innovation Africa summit in February

Published

2 days ago

November 20, 2024

Isaac Dachen

Dar es Salaam, Tanzania, has been selected to host the sixth edition of the Ocean Innovation Africa (OIA) summit from February 24-28, 2025, as a flagship event within Regenerative Ocean Week.

The Ocean Innovation Africa is set to be Africa’s most significant platform for Ocean Innovation conservation, and sustainable development in the blue economy. OIA2025 will be co-organised with leading partners, including IUCN, GIZ, OceanHub Africa, Catalyze and the Ocean-Climate Platform.

With the theme, “Science-to-Solution”, the Regenerative Ocean Week will present a line-up of sessions designed to bridge the gap between scientific research, business innovation, policy, and community engagement.

According to the organizers of the event, it will bring together African ocean innovators, investors, researchers, policymakers, and community leaders to explore practical solutions that can be applied across the continent.

“These include the OIA Pitch Competition, which is a platform for Africa-based startups and entrepreneurs to showcase breakthrough ideas in ocean-impact solutions, allowing them to connect with investors and industry leaders and emphasizing Africa’s role in driving sustainable ocean initiatives,” the organizers said in a statement.