Kenya startup MarketForce has received $100,000 from the Harambeans Prosperity Fund with participation from Launch Africa and Future Africa. The investment will see MarketForce expand the B2B retail marketplace, RejaReja. This product is aimed at retailers, manufacturers, and sales agents operating across East Africa’s informal areas.
MarketForce is a previous Y Combinator company with a remarkable footprint in Kenya’s informal retail market segment offering digital financial services and consumer goods. Prior to this investment, the company had thus far raised $2.5 million of which $2 million was a Serie A led by V8 Capital and other players.
MarketForce co-founder Tesh Mbaabu expressed his delight in the investment from the Harambeans Prosperity Fund and partners. As a Harambean himself, he expressed delight in the inclusion in the Alliance’s 2020 cohort. MarketForce will leverage its retail distribution network to deliver digital solutions such as RejaReja aimed at solving challenges and empowering businesses to prosper, create livelihoods, and effectively provide life-enhancing goods and services.
Tesh Mbaabu is a fellow of the Harambean Oppenheimer Fellowship, a 12-month long programme where fellows receive support from renowned serial entrepreneurs and global experts within the alliance on the best ways to accelerate the growth of their ventures.
Zachariah George described Launch Africa Ventures, which co-invested in the investment – as a pan-African fund invested in B2B and B2C early-stage tech products. RejaReja looks to focus on market-driven innovations that can transform complex and expensive products and services into those that are easily accessible and affordable.