MarketForce Secures $2 Million Pre-series A Round, Plans to Launch in Nigeria and Scale Up RejaReja in East Africa
Kenyan-based MarketForce, a B2B platform for retail distribution of consumer goods and digital financial services in Africa, announces a $2 million Pre-Series A round, bringing total funding to-date to $2.5 million. With this fresh round of funding, MarketForce has brought on V8 Capital, Future Africa, Greenhouse Capital, Launch Africa, Rebel Fund, Remapped Ventures, and a couple of strategic angel investors as new investors. They joined Y Combinator and existing investor P1 Ventures, who also participated in the oversubscribed round.
In sub-Saharan Africa, approximately 90% of household retail transactions are in cash, and delivered through a network of about 100 million MSMEs, with 42 million in Nigeria alone. Retail payments on the continent are expected to top $2.1 trillion by 2025, and MarketForce aims to digitize a large portion of these offline transactions.
Co-founded in 2018 by Tesh Mbaabu and Mesongo Sibuti, MarketForce uniquely combines a field sales automation SaaS solution with it’s “RejaReja” B2B marketplace to digitize how informal retail merchants buy and sell FMCGs and digital financial services. RejaReja helps these corner shops, commonly referred to as ‘dukas’ in Kenya, get better service, assortment, and access to new revenue opportunities, outfitting them with the technology and support they need to transform themselves from simple FMCG outlets to comprehensive financial service hubs for the continent’s last-mile communities. Currently available in Kenya, RejaReja offers informal retailers next-day delivery for hundreds of SKUs from the leading FMCG brands.
Photo courtesy of the Institute for Money, Technology and Financial Inclusion.
Source: Business Africa Online (link opens in a new window)