Safaricom Spark Fund backs Kenyan agritech iProcure
The September 2017 investment supported iProcure’s effort to improve access to agricultural inputs for smallholder farmers.
Safaricom’s Spark Venture Fund announced an investment in iProcure on 7 September 2017, making the Kenyan agritech company its sixth investee. The investment amount was not disclosed.
iProcure connected agricultural-input manufacturers with farmers and cooperatives through distribution technology and physical depots. Farmers could request products by mobile phone and collect them using a voucher.
The company sought to make inputs more accessible and affordable while expanding its Kenyan distribution network. Safaricom said iProcure’s approach fitted the fund’s focus on businesses using mobile technology.
Use of funds
Expand access to agricultural inputs in Kenya