iProcure, Kenyan Agritech Firm, Enters Administration Amid Financial Woes
- iProcure, a Kenyan agritech startup, is under administration after failing to settle undisclosed debts.
- KPMG's advisory division has been appointed as the administrator to revive the company.
- Several Kenyan startups, including Notify Logistics, WeFarm, and Kune, have shut down due to macroeconomic conditions and funding challenges.
The situation of iProcure is concerning as it highlights the challenges faced by agritech startups in Africa, including funding difficulties and over-regulation. The closure of other Kenyan startups further emphasizes the tough macroeconomic conditions. It is crucial to address these issues to support the growth and sustainability of the tech industry in Africa.
