It has been a turbulent 18 months for African B2B e-commerce, but green shoots are appearing among the wreckage. iPOS, the entity formed to acquire the technology assets of the defunct agritech iProcure, has secured SunCulture as a strategic minority investor.
The deal, disclosed this week, brings together two notable figures in Kenya’s tech ecosystem: Mahia-John Mahiaini, former CFO of Twiga Foods and now CEO of iPOS, and Samir Ibrahim, CEO of solar irrigation provider SunCulture.
The investment marks a significant vote of confidence in iPOS’s bid to pivot the technology of one of East Africa’s most high-profile startup failures into a sustainable, asset-light infrastructure play.
The Salvage Operation
iProcure, once a darling of the agritech scene with over $17m in total funding — including a $10.2m Series B in 2022 — collapsed into administration in May 2024. Burdened by high operational costs and cash flow constraints, the company was placed under the management of KPMG Advisory Services.
In November 2024, Mahiaini led the acquisition of iProcure’s core intellectual property (IP) from administration. The new entity, iPOS, stripped away the heavy logistics and warehousing model that contributed to its predecessor’s high burn rate, focusing instead on the software stack: a Point of Sale (POS) system designed for agrodealers.
“When we acquired iPOS… we saw the crown jewel that others might have missed — a technology platform with [significant] potential,” Mahiaini said in a statement.
According to company data, the platform has already recaptured a significant slice of the market, reportedly serving 10% of Kenya’s agrodealers. The company has also resumed operations across Uganda and Tanzania.
From Logistics to Fintech
The strategic shift from iProcure to iPOS reflects a broader correction in African tech: moving away from capital-intensive, low-margin logistics toward scalable software and financial services.
While iProcure focused on the physical movement of fertilizers and seeds, iPOS is positioning itself as the “financial infrastructure” for B2B trade. The platform allows retailers to order inventory and, crucially, access embedded financing — a vertical where SunCulture has deep experience.
“Our point-of-sale remains the foundation — now enhanced with an integrated marketplace where retailers can order inventory with embedded financing,” Mahiaini stated. The company has begun rolling out inventory financing in Kenya, with invoice discounting slated for release shortly.
The SunCulture Connection
SunCulture’s involvement is more than just capital. The company, which raised $27.5m in its own Series B, operates a vast network of farmers and dealers for its solar irrigation products.
The partnership aims to leverage iPOS’s dealer network to distribute SunCulture’s ‘Kilimo Boost’ financing product. For SunCulture, iPOS offers a digital rail into thousands of rural retail points; for iPOS, SunCulture brings balance sheet strength and credit scoring capabilities.
“iPOS is building the infrastructure agrodealers need to better serve farmers,” said Samir Ibrahim, CEO at SunCulture. “Through Kilimo Boost and our growing dealer network, we’re proud to back this shared vision of a more connected, efficient agriculture ecosystem.”
The “B2B Winter” Thaws?
The collapse of iProcure was part of a wave of distress that hit Kenyan B2B players, including Copia Global (which ceased operations) and Twiga Foods (which underwent significant restructuring).
Investors will be watching iPOS closely to see if the “asset-heavy to asset-light” pivot can deliver the unit economics that eluded the previous generation of B2B startups.
iPOS claims that early adopters of the system have seen business growth of up to 7x within two years — a statistic that, if scalable, suggests the underlying software retains the value proposition that attracted investors to iProcure a decade ago.
The salvaged technology of the failed agritech iProcure has secured strategic investment from SunCulture, pivoting from heavy logistics to a fintech-led infrastructure play.