Home » Kenyan tycoon Ken Njoroge-backed startup targets $1 million via crowdfunding

Kenyan tycoon Ken Njoroge-backed startup targets $1 million via crowdfunding

by Mfonobong Nsehe
Ken Njoroge

MarketForce, a Nairobi-based retail B2B and end-to-end distribution platform backed by Kenyan businessman Ken Njoroge, has announced its intention to secure up to $1 million in funding through the online crowdfunding service, WeFunder.

This strategic move comes on the heels of MarketForce’s remarkable feat last year, when it successfully secured $40 million in a Series-A funding round, with significant participation from Kenyan businessman and serial investor Ken Njoroge. The Series-A funding round remains an unprecedented achievement in both East and Central Africa.

MarketForce, in a statement, articulated the rationale behind its decision to pursue crowdfunding, asserting its commitment to democratizing ownership.

The startup expressed its aspiration to include everyday individuals and institutional investors in its ownership structure, building upon the strong foundation laid by the $40-million investment from institutional backers last February.

“Since our public launch in 2020, one of the most popular requests we have received is the ability for people who love what we are building to invest in MarketForce alongside institutional investors,” the startup said, highlighting that the move is an ongoing endeavor, yet challenges have emerged in accommodating non-accredited investors.

The crowdfunding targeting a maximum capital raise of $1 million will invite a diverse spectrum of stakeholders, including steadfast supporters, strategic partners, and devoted customers, to become early stakeholders and co-owners in MarketForce’s journey.

Kenyan entrepreneurs Tesh Mbaabu and Mesongo Sibuti founded MarketForce in Nairobi, Kenya, in 2018 to digitize retail distribution for emerging markets, with a primary focus on assisting consumer brands in managing their field sales operations and expanding their distribution networks in Africa.

With a robust transaction volume surpassing $500 million and a presence spanning over 250,000 retail outlets across five countries, MarketForce continues to champion merchant empowerment.

Through its comprehensive suite of digital commerce, financial, and banking services, the platform equips merchants with the necessary tools to evolve from conventional fast-moving consumer goods outlets into multifaceted financial service hubs serving the last-mile communities across Africa.

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