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Headline : Exclusive: Kenyan agritech iProcure files for bankruptcy after investors’ snub

Read more from the original article on here at techcabal.com.





Tags : #exclusive #kenyan #agritech #iprocure #files #bankruptcy #investors #snub


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Image source: Techcabal

iProcure, the Kenyan agritech startup that raised $17.2 million from investors in ten funding rounds, filed for bankruptcy on April 26 after failing to convince existing and new investors to inject more capital into the business. 

The company’s co-founder and director Stefano Carcoforo told a Kenyan court the company was struggling to fund operations and bankruptcy protection was necessary because it could not pay its debts. 

While Carcoforo did not disclose the company’s liabilities, one person with knowledge of the business estimated its debts at over $1.5 million (KES197.25 million).  

Read more from the original article on here at techcabal.com.


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