iProcure currently supplies 4,600 agro-dealers with farming equipment and supplies.
300-500 smallholder farmers
Each agro-dealer supplies between 300-500 smallholder farmers.
iProcure Limited is a technology-enabled logistics and distribution company that is helping to solve some of the problems faced by smallholder rural farmers in Kenya by offering better access to vital agricultural products and “last-mile” distribution services. It was founded in 2012 with a vision to provide underserved rural farming communities with affordable, convenient and reliable access to agricultural inputs.
Through pioneering real-time business intelligence, iProcure works with major producers, suppliers and local distributors to ensure smallholder farmers can access the resources they need and minimise price fluctuations. The technology helps provide security for thousands of smallholder farmers in Kenya who rely on agriculture for their livelihoods and survival. Over the past eight years, iProcure has leveraged its broad network and proprietary technology to achieve tremendous growth and has grown a nationwide network of 10 distribution/fulfilment warehouses. By 2024, iProcure aims to become a leading regional logistics & technology company across East Africa.
Key product information
Issuer: Fortem Holdings (parent company of iProcure Limited)
Issuing Country: Mauritius
Investment target: £500,000
Minimum investment: £50
Maximum investment: No maximum
Maturity: 24 months
Expected interest rate: 6% per annum
Withholding tax rate: 0% (applicable to UK residents who do not invest within an IF ISA)
Interest payment frequency: 6 monthly
Capital repayment: 6 monthly
Financial instrument: Secured interest bearing bond
Security: Secured (For more information regarding security, see pages 5 & 28 of the Offer Document)
This is a bond issued by a single company (rather than a savings product) and therefore it is recommended that you are careful with the amount you invest.
You must read the investment memorandum (provided below) where a full statement of risks is presented, particularly in section 5. Risk analysis overview.
See what iProcure do
iProcure are one of the pioneering companies supported by the Energise Africa initiative, a joint venture between Lendahand and Ethex.
What the project investment will enable
With the funds from this raise, iProcure will be able to continue to supply approximately 4,600 agro-dealers a month with the aim to almost double this number by the end of 2022.
On average, one agro-dealer supplies about 300-500 smallholder farmers with fertilisers, mineral supplements, crop protection products, small farming equipment and animal pharmaceuticals. Smallholder farmers have benefitted through improvements in pricing, accessibility of higher quality of agricultural inputs, as well as consistency of supply, leading to lower, more stable prices. iProcure achieves this by providing the agro-dealers it supplies with a mobile-based retail management system - iPos, (developed in-house) - to ensure the agro-dealers supplied by iProcure every month are able to manage their stocks, place orders, automate sales to customers and access business performance reports. This ensures they are able to improve the performance of their businesses and in turn improve their capacity to serve the smallholder farmers.
The overall effect of this is to eliminate stock-outs of agri-inputs, thereby introducing price stability and higher level of farm productivity for remote smallholders.
iProcure currently supplies approximately 4,600 agro-dealer across 22 counties in Kenya from 10 distribution/fulfilment warehouses. The Company also owns and operates 30 vehicles, with a total carrying capacity of over 300 tons, to handle outbound distribution from the warehouses.
Over the past five years, the Company has invested heavily into its proprietary technology that allows iProcure to track order volumes, distribution checkpoints and stock levels of agro-dealers and stockists. Your investment will help iProcure continue to grow and provide further smallholder farmers with the equipment and supplies they need to live.
Social and environmental impact
iProcure provides technological and logistical infrastructure that enhances transportation and delivery solutions for the agriculture input value chain throughout Kenya. The Company has a network of warehouses and depots that supply agro-dealers, stockists and remote farming communities with quality agricultural inputs directly from manufacturers. Quality control and reliability are fundamental drivers of iProcure’s business model and partners with the leading agricultural input manufacturers in the region to ensure high-quality products are made available to farmers in a timely and dependable manner.
In 2019, iProcure carried out a Lean Data Survey that collected detailed insights from their clients. Some of the results from this survey of farmers using iProcure' s products can be found below:
reported that their lives had “very much improved”
see themselves working with iProcure in the next season, and 83% over the next five years
saw an improved quality of life
saw improved production
saw improved income stability
had improved confidence in their farming practice