Uganda’s MarketForce Raises $40M Series A

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.

The firm, which first launched in Uganda in 2018, 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 directly from manufacturers and distributors, make and pay for orders digitally, accept payments for utility bills, and access loans for their businesses.

Founders  Tesh Mbaabu and Mesongo Sibuti have a mission to enable SMEs to grow.

This latest round (equal amount of debt and equity) brings the total funds raised by MarketForce to date to $42.5 million. It also comes seven months after the startup raised $2 million in a pre-Series A round.

It was led by V8 Capital Partners; a London and Lagos-based African-focused investment vehicle with participation from Ten13 VC, SOSV Select Fund, Vu Ventures, Vastly Valuable Ventures, Uncovered Fund.

Existing investors that took part in the round include Reflect Ventures, Greenhouse Capital, Century Oak Capital and Remapped Ventures. Cellulant co-founder Ken Njoroge, who joins the MarketForce board as chairman, also took part in the round.