Business -Two youthful CEOs have managed to raise a whopping $ 40 Million or sh 4.5 billion to upscale their company dubbed Marketforce.
The lucrative idea which was founded by Tesh Mbaabu and Mesongo Sibuti and launched in Nairobi City, has been growing by day and today it is an end-to-end distribution channel for household stuff.
Mbaabu who is one of the owners of the venture clarified that the billions were raised through a series of A funding exercises.
“Today marks the beginning of a new chapter at Marketforce. We just closed a Ksh4.5 billion ($40 million) Series A funding round led by V8 Capital Ventures and are one step closer to achieving our goal of being the largest B2B commerce & fintech marketplace in Africa.
“We are extremely humbled by the support that we’ve received throughout our journey and very grateful to our community of customers, partners and investors, for believing in our team and mission,” explained Mbaabu.
Techcrunch revealed that the money was raised from several companies which included V8 Capital Partners, Ten13 VC, SOSV Select Fund, Vu Ventures, Vastly Valuable Ventures, and Uncovered Fund among many more.
“Our mission is to enable SMEs to grow, and what we’ve realized over time is that offering them loans is great, but that we need to empower them to access goods,” added Mbaabu.
Apart from Marketforce, Mbaabu has established himself as a serial entrepreneur with several other tech investments like Mesozi Group and Cloud9xp.com.
Mesozi deals in information technology holding services while Coud9xp helps travelers to easily discover and book their leisure dream places.
