MarketForce, a Kenyan retail distribution platform, has raised an additional Ksh. 11 million ($100,000) in funding, to launch in Nigeria and to scale up operations to more towns in East Africa.
This brings MarketForce’s total funding to Ksh. 285 million ($2.6 million) after it raised Ksh. 215,880,000 ($2 million) last month, Ksh. 37.8 million ($350,000) seed round last year and Ksh. 16.2 million ($150,000) from the Y Combinator.
The funding was raised from Harambeans Prosperity Fund, a donor-advised investment vehicle formed through the Harambe Entrepreneur Alliance’s network of prominent families and corporations.
The Fund is a rules-based co-investment vehicle that leverages investment networks to increase capital flow to Harambean-led ventures. It is designed to build coalitions of entrepreneurs and investors, bringing scalable and affordable market-creating innovations to Africa.
MarketForce recently acquired Digiduka, which was formed and funded during the inaugural cohort of the Antler program in Nairobi. The acquisition aided in its growth of RejaReja which now provides a wallet that allows retailers to collect mobile money and bank payments via mobile app, WhatsApp bot or USSD shortcode.
RejaReja, slang for informal aims to digitize the supply chain processes of informal retail merchants who buy and sell FMCGs and digital financial services. The new platform helps these dukas or corner shops to get better service, assortment, and access to new revenue opportunities. Currently available in Kenya, RejaReja offers informal retailers next-day delivery for hundreds of SKUs from the leading FMCG brands.
In Nigeria, MarketForce will take on SokoWatch and TradeDepot which raised more than Ksh. 1 billion ($10 million) to continue its integration of the fragmented informal retail supply chain in Nigeria. TradeDepot will also use the funds to expand into other African cities and launch a suite of financial products and credit facilities, to support its retailers.
Co-founded in 2018 by Tesh Mbaabu and Mesongo Sibuti, MarketForce uniquely combines a field sales automation SaaS solution.
The startup has a presence in Kenya, Uganda, and Tanzania. Its clients include Pepsi, Safaricom, Fort Beverages, Lami and Platinum Credit, among others.