MarketForce raises $2M in pre-Series A funding to launch in Nigeria, scale in East Africa

senivpetro@freepik
SaaS News -Kenya’s-MarketForce-raises-$2M(source: SaaS Industry)
At a Glance

MarketForce has raised $2M in a pre-Series A funding round to scale its solution RejaReja, launch in Nigeria and expand in other parts of East Africa


Nairobi-based MarketForce, a B2B end-to-end platform that helps customer brands deliver essential goods and services, has announced the raise of $2 million in a pre-Series A funding round.

With this round, its total funding stands at $2.5 million. Investors who participated in this round were – Y-Combinator and P1 Ventures joined by V8 Capital, Future Africa, Greenhouse Capital, Launch Africa, Rebel Fund, Remapped Ventures, and a couple of strategic angels.

MarketForce, founded in 2018, combines field sales SaaS automation solution with its B2B marketplace solution, Reja Reja, to digitize the way informal retail merchants buy and sell FMCGs and digital financial services. The company provides them access to new revenue opportunities and offers them support to transform into comprehensive financial services hubs for last-mile communities specifically.

Commenting on the funding, Tesh Mbaabu, co-founder and CEO of MarketForce, stated that combining technology with an offline distribution network is essential for creating maximum output and impact in the African retail distribution. Enunciating on the company’s growth for creating income growth opportunities for over a million retailers and independent sales agents, Mr. Mbaabu added,

We are seeing significant demand for our radically improved way for companies to distribute their goods and services in Africa, and we’re thrilled to get a boost from returning and new investors at this crucial time.

Tesh Mbaabu, co-founder and CEO of MarketForce

The company stated in its official statement that it would use the proceeds from the funding to launch in Nigeria and scale RejaReja in more East African towns.

We are glad to be backing MarketForce in this round of funding, given their ability to build a differentiated, powerful and all-inclusive digital commerce platform for informal retailers in Africa. Similar to Paystack, another successful African YC company which targets merchants selling online, RejaReja targets the millions of underserved informal merchants who are still offline when it comes to business automation and payments.

Tobi Oke, a managing partner at V8 Capital Partners
Total
0
Shares
Previous News Post
Next News Post
Most Popular