[L – R]: MarketForce co-founders, Mesongo Sibuti and Tesh Mbaabu The funding round was led by V8 Capital Partners, a London and Lagos based African-focused investment vehicle.
This latest round brings the total funds raised by MarketForce to date to $42.5 million.
Ken Njoroge, co-founder and former CEO of Cellulant, also participated in the round and joins the company board as Chairman.
MarketForce, the Nairobi-headquartered B2B platform for retail distribution of consumer goods and digital financial services in Africa, has announced the closing of a $40 million Series A round, the largest Series A round of its kind in East and Central Africa. The raise comes seven months after the startup concluded its pre-Series A round.
V8 Capital Partners led the round with participation from Ten13 VC, SOSV Select Fund, Vu Ventures, Vastly Valuable Ventures, Uncovered Fund, along with a number of existing investors; Reflect Ventures, Greenhouse Capital, Century Oak Capital and Remapped Ventures. Ken Njoroge, co-founder and former CEO of Cellulant, also participated in the round and joined the board. The oversubscribed round was made up of equity and debt.
Co-founded in 2018 by Tesh Mbaabu and Mesongo Sibuti, MarketForce is a KenyanB2B Commerce and Fintech marketplace that empowers informal merchants in Africa to order, pay and receive inventory digitally and conveniently, access financing, collect digital payments and make extra money by reselling digital financial services such as airtime, electricity tokens and bill payments.
MarketForce runs an asset-light operating model and is currently operational in 5 markets (Kenya, Nigeria, Uganda, Tanzania and Rwanda) with the merchant super app, RejaReja – which offers informal merchants next-day delivery for hundreds of SKUs from the leading FMCG brands. One year ago, MarketForce served about 5,000 customers: now, that figure has grown more than twenty-fold to 100,000 merchants, processing 6,000 daily transactions, with the average transaction size tripling and revenue growing 27x over the same period.
On the supplier side, MarketForce monetizes through availing real-time market intelligence dashboards to FMCGs. MarketForce counts top consumer brands and financial service providers such as Nestle, Pepsi, Flour Mills of Nigeria, Bidco Africa, Chandaria Industries, Kapa Oil, Safaricom, Cellulant, Lami and Pezesha, to mention a few, as its partners.
With this round of funding, MarketForce plans to scale merchant inventory financing through a BNPL offering, grow deeper in existing markets and avail more digital financial and banking services through its extensive merchant network. MarketForce has a team of 400 and intends […]