March 1

Led by Kenya-Based Entrepreneurs Tesh Mbaabu and Mesongo Sibuti, Marketforce Closes the Largest Series A Round of Its Kind in East and Central Africa

By Victor Oluwole

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.

Photo courtesy of Christina @ wocintechchat.com.

Source: Business Insider Africa (link opens in a new window)

Finance, Technology
digital payments, e-commerce