Kenyan startup MarketForce, a B2B platform for the retail distribution of consumer goods and digital financial services, announced Tuesday (February 22) that it has raised $40 million in Series A funding. The round was led by V8 Capital Partners , a London and Lagos-based company with participation from Ten13 VC, SOSV Select Fund and Vu Ventures, among others.
These mobilized resources should enable the company to accelerate its growth in the retail segment in Africa. They now bring the company’s portfolio to 42.5 million USD after its pre-Series A financing round last year amounted to 2.5 million USD.
“Our major objective is to conquer one million informal merchants active on our platform, in sub-Saharan Africa, by 2025 […]. This new financing will open up prospects for the company determined to make its mark on the African continent, particularly in East and West Africa,” commented Tesh Mbaabu, co-founder and CEO of MarketForce.
Co-founded in 2018 by Tesh Mbaabu and Mesongo Sibuti, MarketForce now has a global reach with offices in the United States, Canada, United Kingdom, France and Spain.