Kenyan retail technology based start-up, MarketForce has been selected for the Y Combinator Summer 2020 batch, raising USD 150K in a funding round on 26th May, 2020. MarketForce is the only Sub-Saharan African company to get selected for the Y Combinator Batch for funding.
The company previously has secured USD 350K in a seed funding round in order to help building upon its existing momentum and enhance its product to enter new revenue streams. This round was led by EchoVC Partners, Ventures Platform, ViKtoria Business Angels Network (VBAN) and P1 Ventures.
With the latest funding, MarketForce has announced the launch of new business line named as MarketForce Troops, which enables financial service provider and FMCGs to grow their retail distribution channels in Africa.
Co-founder of MarketForce, Tesh Mbaabu explained, “The product expansion was inspired by Y Combinator, which affirmed our realization that our technology is just one part of the equation. To fully bridge the gap in last mile distribution, it is crucial that we couple up our technology with essential services on the ground in order to create maximum impact for our initial customers.”
“Today, 90 per cent of retail transactions occur through informal channels – with millions of “corner shops” and field sales agents acting as the first point of contact for consumers and brands. Combined, they form the heartbeat of Africa’s communities when it comes to retail sales and distribution,” he further said.
With this thing in mind, MarketForce says that they will deploy the funding to build out its network and adapt its technology in order to support its local merchant stores and sales teams.
About the company
Founded in the year 2018 by Tesh Mbaabu and Mesongo Sibuti, the company enables consumer brands to optimize how they deliver essential goods and services to consumers and retailers by filling the informational gap in last mile distribution, while maximizing efficiency across the sales and distribution value chain.
The startup’s platform leverages mobile devices by enabling field agents to record all customer interactions as they happen in the field, and then aggregates this data and presents it through live web dashboards.
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