MarketForce, the retail B2B and end-to-end distribution platform founded in Kenya, has raised $40 million in Series A funding for its merchant inventory financing and expansion across Africa.
MarketForce, which was launched in Uganda, Tanzania and Rwanda last year after growing beyond Kenya and Nigeria, plans to introduce buy-now-pay-later (BNPL) options to help merchants access fast-moving-consumer-goods (FMCGs) on credit. It also plans to enter additional markets in East and West Africa.
Through its merchant super app RejaReja, informal traders can source goods (hundreds of SKUs) directly from manufacturers and distributors, make and pay for orders digitally, accept payments for utility bills and access loans for their businesses. The RejaReja retail marketplace was launched in 2020 as a brainchild of MarketForce, a SaaS product for the formal markets, founded by Tesh Mbaabu and Mesongo Sibuti in 2018.
“Our mission is to enable SMEs to grow, and what …
