Kenya’s agritech startup iProcure placed under administration over undisclosed debt
- iProcure, the Kenyan agritech startup backed by Safaricom’s Spark Fund, is now under administration after failing to settle undisclosed debts.
- KPMG’s advisory arm was appointed the administrator and will be tasked with reviving the company.
- At least 10 Kenya-based startups, including Notify Logistics, WeFarm and Kune, have shut down since 2021 because of worsening macroeconomic conditions and a funding winter.
The situation with iProcure is concerning as it highlights the challenges faced by agritech startups in Kenya. The failure to settle debts and the appointment of an administrator indicate financial struggles. The closure of other startups in the region further emphasizes the difficult economic conditions and funding challenges.
