Exclusive: Kenyan agritech iProcure files for bankruptcy after investors’ snub
- iProcure, the Kenyan agritech startup, has filed for bankruptcy after failing to secure more funding.
- The company's co-founder stated that it was struggling to meet its financial obligations and could not pay its debts.
- This highlights the challenges faced by African tech startups that raised capital but have been unable to achieve profitability.
The bankruptcy filing of iProcure raises concerns about the sustainability of African tech startups that heavily rely on investor funding. It underscores the importance of achieving profitability and managing financial obligations in order to avoid such situations. This case serves as a cautionary tale for other startups in the region.
