Kenyan agritech startup iProcure is making a comeback after successfully re-acquiring its core technology, a critical step in restarting operations following financial difficulties. The company had been under administration since April 2024 after failing to meet creditor obligations and subsequently filing for bankruptcy.
Despite previously raising $17.2 million, iProcure struggled to secure additional funding, prompting CEO Stefano Carcoforo to seek bankruptcy protection. KPMG was appointed to manage the restructuring process, with liquidation considered a last resort.
Founded in 2012, iProcure connects agricultural manufacturers with local retailers across East Africa. Although the company raised $10.2 million in 2022 and reported revenues of $14 million, it faced mounting financial challenges due to high management costs and heavy dependence on a struggling fertilizer market.
As the Kenyan shilling weakened, managing foreign debt became increasingly difficult, leading to an inability to cover payroll by September 2023. Nevertheless, the co-founders’ determination led to the reacquisition of their core technology, still utilized by over 6,000 agro-dealers in Kenya. Many customers, initially hesitant to pay, began subscribing after learning about iProcure’s financial situation.
The team is now refocusing on their core strengths, aiming to learn from past mistakes related to over-expansion and market reliance. Although the future remains uncertain, the reacquisition of technology has provided them with an opportunity to rebuild and re-establish their presence in the agritech sector.