Two months ago, YCombinator backed MarketForce raised $2,000,000 pre-series A from P1 Ventures, Y Combinator, Launch Africa, V8 Capital, Future Africa, GreenHouse Capital, Rebel Fund, Remapped Ventures, among other investors.
A month ago, MarketForce also raised $100,000 investment from the Harambeans Prosperity Fund, an initiative of the Harambe Entrepreneur Alliance’s network of prominent families and corporations.
Now, the company has expanded operations into Nigeria, its first expansion move after funding rounds.
Founded by Tesh Mbaabu and Mesongo Sibuti in 2018, the retail platform delivers complete functional solutions to consumer brands, enabling them to manage their field sales activities and grow their distribution channels in Africa.
Via its mobile app, sales agents can record sales activities including orders, visits, deliveries, payments and feedback as they happen, giving companies real-time market visibility into the performance of their agents and products in the market.
This enables companies to serve customers better by optimising their sales, distribution and marketing activities and teams based on market trends and consumer purchasing habits.
Speaking on the expansion, Tesh Mbaabu, co-founder and CEO of MarketForce said:
“Africa is reported to have over 100 million merchants. A whopping 40 million of them are in Nigeria, with the highest annual FMCG purchasing in the whole continent, signifying how significant the market opportunity for MarketForce is.”
“Nigeria FMCG retail distribution operates very much like Kenya, it is very fragmented and competitive, which gives us the opportunity to make a real impact for both retailers and manufacturers.”
In line with its expansion, MarketForce recently appointed Arthur Bourekas as its new chief commercial officer (CCO).
Bourekas has garnered over 25 years of experience in the commercial, logistics and distribution sectors. He has worked in AG Leventis Nigeria Limited and PZ Cussons in Nigeria, Indonesia, Malaysia and Australia.
He is a veteran FMCG distribution expert in Africa and has also worked with Alerzo, a Nigerian B2B platform focused on Nigeria’s informal retail sector.
Speaking on MarketForce expansion, Bourekas said:
“FMCG distribution in Africa is yet to be done effectively. Even multinationals with years of experience often can optimise their distribution and add real sales growth to their business. Innovation and focus is key. I am confident that with the platform MarketForce has built so far, along with the expertise being built within the organisation, we are destined to revolutionise the sector and become a formidable force.”
Mbaabu further stated that the new CCO had goals that were in line with MarketForce’s development plans.
“His extensive emerging market experience, ability to drive commercial growth, and depth of technical distribution knowledge in Nigeria will be valuable in our efforts to deepen our East Africa market reach while expanding into the West African market,” he said.
“We would like to focus on Kenya and Nigeria for now – but as an aggressive startup, we continue assessing where we will go next. That notwithstanding, our focus remains on Sub-Saharan Africa, so you can bet we will be back to somewhere in East Africa.”