In a blog post, Kenyan startup Marketforce, a B2B platform for retail distribution of consumer goods and digital financial services in Africa, announced that it has raised $40 million in a Series A round.
The platform empowers informal merchants in Africa to source, order and pay for inventory digitally and conveniently, access financing and collecting digital payments.
The platform also make extra money by reselling digital financial services such as airtime, electricity tokens, and bill payments.
Its merchant super app, Reja Reja, which offers informal merchants next-day delivery for hundreds of products from the leading FMCG brands, has onboarded over 100,000 merchants so far, and is operational in five African markets.
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SEE ALSO: Tanzanian Fintech, NALA, Raises $10 Million to Expand to 12 African Countries in 2022
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The round was led by V8 Capital Partners, a London and Lagos-based African-focused investment vehicle.
New participants in the round include:
- Ten13 VC
- SOSV Select Fund
- Vu Ventures
- Vastly Valuable Ventures
According to Tesh Mbaabu, Co-Founder, MarketForce:
“Our goal is be the ultimate partner for informal merchants, empowering them to maximise their profits and grow in a digital age by getting better service, assortment, and access to new revenue opportunities, outfitting.”
– Co-Founder, MarketForce
MarketForce plans to scale merchant inventory financing through a BNPL (Buy Now, Pay Later) offering, grow deeper in existing markets, and avail more digital financial and banking services through its extensive merchant network.
The startups also plans to double its team of 400 before the end of 2022.
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RECOMMENDED READING: Congolese Web3 Startup, Jambo, Raises $7.5 Million to Build Out Web3 Super App for Africa
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