British International Investment

Fortem Holdings Limited (iProcure)

East AfricaFood & Agriculture

iProcure is a Kenyan-based agricultural inputs distribution company. It uses its proprietary technology platform, distribution vehicles and regional warehouses and depots to disrupt the agricultural inputs sector in Kenya. This investment is a co-investment with our portfolio fund, Novastar Ventures Africa Fund II.

Our investment

Description of the investment.

This investment is a co-investment with our portfolio fund, Novastar Ventures Africa Fund II. This investment aims to improve access to affordable and quality agricultural inputs for smallholder famers in Kenya, Uganda, Tanzania, and Nigeria, improving their yields and revenue. The scale-up of iProcure’s operations will also create economic opportunities for approximately 5,000 agri retailers. Our commitment will support the geographic expansion of iProcure, increasing its scale and depth of impact.

Impact information

Applies to investments made from 2019 onwards. The tabs in this section define what we expect to achieve through the investment, assessing the potential impact of the investment against six dimensions of impact. You can find more details on our methodology of assessing impact here.



Supports SDG 1 and SDG 8 based on enhanced economic opportunities for smallholder farmers through improved access to affordable and quality agricultural inputs.


Primary Secondary
  • Direct: Support the continued expansion of iProcure’s core business line of agricultural inputs distribution through the scale-up of Kenya, Tanzania, and Uganda operations, build-up of management teams including in country, and preparation of Nigeria launch.
  • Economic enabler: Create more inclusive rural agricultural supply-chains by scaling up a business model combining enhanced physical infrastructure and proprietary technology platform to improve the predictability, cost-effectiveness, and scale of input distribution across rural Africa.

The scale-up of iProcure’s operations will also create economic opportunities for approximately 5,000 agri retailers.


Stakeholder Geography Characteristics
Customers (smallholder farmers)

Projected reach for agri retailers for 2021-26: Kenya (70 per cent), Uganda (10 per cent), Tanzania (20 per cent) and Nigeria (launch).

70 per cent of smallholder farmers have an average income of $5.5 per day; approximately 60 per cent of smallholder farmers reached by iProcure are women.

How much?

Scale Depth/Duration

Smallholder farmers:

  • Baseline 2021: Reach to 700,000 smallholder farmers in Kenya (directly and through 3,000 agri retailers).
  • Projections 2021-26: Projected reach to 4.5 million smallholder farmers by 2024 (including via 5,000 agri retailers).


  • Baseline 2021: Projected revenue of $12 million in 2021.
  • Projections 2021-26: Projected revenue growth from $12 million to over $140 million.

Significant depth considering fragmented supply chains and lack of reliable access to quality and affordable inputs.

Results from 2019 Lean Data study we commissioned:

  • 79 per cent of smallholder farmers experienced improved productivity vs a benchmark of 50 per cent.
  • 71 per cent of smallholder farmers experienced improved returns or savings vs a benchmark of 45 per cent.
  • 98 per cent of smallholder farmers cannot easily access alternatives to similar high-quality inputs.
  • 65 per cent of smallholder farmers experienced approximately 25-50 per cent increase in income from the crops they use iProcure services for, and 67 per cent reported improved income stability.


  • Value additionality: The investment is 2X eligible under the entrepreneurship and leadership criteria.


Execution Risk
  • Relates to the challenges of multi-country geographic expansion. Should be tolerated.
Unexpected Impact Risk
  • Relates to risks associated to marketing practices and accessibility of advice to smallholder farmers. This is mitigated by Novastar's robust practices and impact monitoring.

Impact score

Impact score (at point of investment)

The Impact Score is a tool to help us manage our performance against our strategic impact objectives. It is designed to incentivise investments that support our productive, sustainable, and inclusive objectives. You can find out more here.

The Impact Score is published for investments made from 2022 onwards. The Impact Scores are calculated at the point of investment. We publish the Impact Scores of new investments annually, once the information has been externally assured by an independent third party.


Environmental and social information

  • Environmental and social summary

    A high-level description of the environmental and social aspects of the investment. This may include a summary of key environmental and social risks identified during environmental and social due diligence (ESDD); key elements of an environmental and social action plan (ESAP); or ways in which we plan to support the investee improve environmental and social standards, such as through their environmental and social management system (ESMS); as well as any other priority areas agreed with the investee.

  • Environmental and social risk

    A risk category rating, which indicates the level of environmental and social risk associated with an investment. For an explanation of the categorisations used, see here. We consistently provide an environmental and social risk category for all investments screened from 2023 onwards.

Environmental and social summary

We partnered with our fund manager to co-invest in this company, including by relying on our fund manager's ESDD. BII developed an environmental and social action plan with the investee, which included enhancements to the company's ESMS and developing mitigation measures associated with labour and working conditions, occupational health and safety, grievance mechanisms and data protection.

Environmental and social risk


Reporting and Complaints Mechanism

The Reporting and Complaints Mechanism allows anyone outside BII to report alleged breaches of the business integrity or environmental and social provisions of BII’s Policy on Responsible Investing. This includes breaches made by BII, a BII investee, or a portfolio company of a fund in which BII has invested. The Reporting and Complaints Mechanism Rules are available here. Reports and complaints can be submitted by email to [email protected] or by mail. See more details on our Reporting and Complaints Mechanism here.

For any other general enquiries contact us at [email protected]

  • Key facts

    Last updated

    When the last quarterly update of the website database occurred.

    March 2024
    Project number

    An identifier number shared by investments in the same project.


    The current status of the investment (green flag for active and red flag for exited).


    The geographical region where the country is located. We currently invest in Africa, South Asia, South East Asia and the Caribbean. In 2023, BII’s investment mandate was extended allowing it to invest in regional funds linked to Ukraine, with the majority of activity expected to begin post-war. Investments outside these regions were made prior to 2012 under previous investment mandates.

    East Africa

    We prioritise those sectors that facilitate development and need our capital the most. Our priority sectors contribute towards many of the Sustainable Development Goals. They range from investing in the power infrastructure that will provide people with better access to electricity, to investing in financial institutions that direct capital to the individuals and businesses that need it the most.

    Food & Agriculture

    We provide capital in the following ways: directly – through direct equity, direct debt, guarantees and other non-intermediated financial instruments; and indirectly – principally through investment funds.

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    For the portfolio companies of our fund investments, this is the date (either the month or the quarter) on which the fund committed capital to the portfolio company.

    For direct equity investments, this is the date at which British International Investment exited the investment.

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    For funds, this is the date at which the fund was terminated.

    For underlying fund investments, this is the date at which the fund manager exited the investment.

    The total amount committed, per financial instrument, per investment, on the date BII becomes subject to a binding legal obligation to provide funding or assume a contingent liability. This information is provided in US dollars.

    For direct investments, this is the amount that BII has committed to the business or project. For fund investments, this is the amount BII has committed to the fund.

    The currency in which the investment was made.

    Investment type :
    Start date :
    April 2022
    Amount :
    Currency of investment :

    The company or investment fund’s place of incorporation.

    2X Gender Finance

    Indicates whether the investment is ‘2X qualified’ using the 2X Challenge criteria. You can find out more here. It only applies to investments made from 2018 onwards, when the 2X Challenge was first launched.

    Fully qualified

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