Safaricom Spark Fund invests in agricultural inputs supply chain platform iProcure
Agri-tech startup iProcure has joined Sendy, mSurvey, Lynk, Eneza Education and FarmDrive as the sixth and final investment from the $1 million Safaricom Spark Venture Fund set up in 2014 to make investments in late-seed to early-growth stage mobile technology ventures.
The six were picked from more than 600 applications the fund received to date. If the investments in the six are equal, each startup would have received between $150,000 to $165,000.
“We started the Spark Fund with the aim of supporting emerging startups that use technology to transform lives. As it joins the outstanding crop of Spark Fund investees, iProcure will be instrumental in harnessing the power of technology to improve Kenya’s agri-business processes,” said Bob Collymore, CEO, Safaricom.
iProcure is an agricultural inputs supply chain platform in Kenya, linking farmers and farmer cooperatives to manufacturers of agricultural inputs. The platform offers farmers discounts of between 10 and 20 percent every time they purchase farming products. iProcure seeks to increase agricultural output in Kenya through access to and use of quality inputs.
iProcure becomes the second agri-tech firm to receive an investment from the Safaricom Spark Fund after in FarmDrive which has developed an alternative credit-scoring model based on mobile phones and machine learning, in turn enabling many farmers to have formal access to loans and financing.