Former Cellulant chief executive officer Ken Njoroge is one of the few investors who’ve pumped up to Sh. 4.6 billion in a new tech startup. This has been disclosed by the start-up MarketForce which is based in Nairobi. The start-up focuses on linking consumer goods manufacturers to retailers.
“Ken Njoroge also participated in the round and joins the board as chairman. The oversubscribed round was made up of equity and debt,” MarketForce said in a statement. This investment comes after Cellulant and MarketForce formed a partnership to expand payment solutions for merchants. Ken Njoroge left Cellulant after 18 years in 2021. In 2019, Cellulant which was founded by Njoroge and Bolaji Akinbori was estimated to be worth Sh. 10.8 billion. This followed the acquisition of the firm by an American fund. In 2018, the Kenyan digital payments service provider had sold a Sh. 4.8 billion stake to the US fund known as The Rise Fund. The fund that acquired the stake is a subsidiary of TPG Growth, a US company that specializes in growth equity and middle market buyouts.
The latest bet on MarketForce marks Njoroge’s continued diversification and investment in the tech business in Africa. According to MarketForce, the Sh. 4.6 billion capital that has been raised will be used to expand its business, including by launching new services.
The business runs a merchant super app dubbed RejaReja. The app allows small traders to source goods directly from manufacturers and distributors, make and pay for orders digitally, accept payments for utility bills and access loans for their businesses.
KNBS paid Sh. 290,000 rent daily for 2 years for house it never occupied
“With this round of funding, MarketForce plans to scale merchant inventory financing through a buy-now-pay-later offering, grow deeper in existing markets and avail more digital financial and banking services through its extensive merchant network,” the firm said.
