iProcure, a Kenyan agritech startup, files for bankruptcy amid capital shortfall
- iProcure, a Kenyan agritech startup, has filed for bankruptcy after failing to secure additional capital from investors.
- The court has appointed KPMG Advisory Services to oversee all aspects of iProcure, including properties, operations, and creditors' claims.
- Liquidation may be the only option if efforts to revive the company fail.
The bankruptcy filing of iProcure is a significant setback for the Kenyan agritech industry. It highlights the challenges faced by startups in securing funding and sustaining operations. The appointment of KPMG as the administrator indicates the seriousness of the situation, and liquidation may be inevitable if the company cannot be revived.
