Kenyan home furniture manufacturer and retailer, Moko Home + Living has closed a $6.5 million series B debt-equity funding round.
Co-led by U.S based investment fund Talanton and Swiss investor AlphaMundi Group, the round included the startup’s previous investor, who co-led its Series A round, Novastar Ventures and Blink CV made follow-on investments.
Victoria Commercial Bank also based in Kenya offered $3 million debt financing, $1 million of which is mezzanine financing – a debt that can be turned into equity.
Founded in 2014 by Eric Kouskalis and Fiorenzo Conte, Moko Home + Living initially started as Watervale Investment Limited, focused on making raw material supply seamless for furniture manufacturers. In 2017, the company built its first consumer product, which was a mattress and launched Moko Home + Living a year later.
The startup is focused on producing high quality affordable furniture that best suits its users preference and comfort. It also plans to offer products for each major piece of furniture such as bed frame, TV stand, coffee table, carpet, found in a typical home.
Moko affirms to have reached over 370,000 Kenyan homes, attracted global investments and built an employee base of over 250 people.
The funding will enable the startup’s growth and expansion across Kenya, enhancing its online channels, building more partnerships with retailers and outlets to increase offline sales and purchasing more equipment to boost production.
Moko seeks to enter three new markets by 2025 and expand its customer base as furniture demand in the continent continues to grow, driven by population growth, urbanization and increasing purchasing power.
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