These Kenyan startups raised $500 million before shutting down. Where are the founders now?
Over the past five years, startups across logistics, e-commerce, agriculture, fintech, food delivery, clean energy, AI, and auto manufacturing have shut down, entered administration, or abandoned their core businesses.
iProcure founders in this undated photo. Image source: iProcure iProcure, a Kenyan supply-chain platform, began in 2013 with a team of four founders. Stefano Carcoforo, Nicole Galletta, Patrick Wanjohi, and Bernard Maingi created a platform that connected agro-dealers with manufacturers, digitising inventory and distribution. The startup attracted investments from Novastar Ventures, British International Investment, and Safaricom’s Spark Fund, raising $17.2 million in ten funding rounds.
However, in April 2024, iProcure entered administration, with KPMG taking control of its assets. Despite the shutdown, the founders have continued to make their mark. Carcoforo co-founded OnSpace Technologies, a software startup, and has served on boards and as an investor.
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