The Nairobi-based MarketForce did not disclose the size of Mr Njoroge’s investment or stake but said that he was among the investors from whom it raised a total of $40 million (Sh4.6 billion).
The investment marks the expansion of Mr Njoroge’s interests in Africa’s technology sector that is growing fast as innovators build solutions for various market problems.
Ken Njoroge, the former chief executive of payments firm Cellulant, has invested in new start-up MarketForce which focuses on linking consumer goods manufacturers to retailers.
The Nairobi-based MarketForce did not disclose the size of Mr Njoroge’s investment or stake but said that he was among the investors from whom it raised a total of $40 million (Sh4.6 billion).
“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.
The investment marks the expansion of Mr Njoroge’s interests in Africa’s technology sector that is growing fast as innovators build solutions for various market problems.
The move comes soon after Cellulant and MarketForce formed a partnership to expand payment options for merchants.
Mr Njoroge left Cellulant mid last year after 18 years.
MarketForce will use the Sh4.6 billion capital to expand its business, including by launching new services.
Through its merchant super app RejaReja, which was launched in 2020, small traders can source goods directly from manufacturers and distributors, make and pay for orders digitally, accept payments for utility bills and access loans for their businesses.
“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.
“MarketForce has a team of 400 and intends to double the team before the end of the year.”
Apart from Kenya, it operates in other Sub-Saharan African countries such as Nigeria, Uganda, Tanzania and Rwanda with 100,000 merchants, 6,000 daily transactions and 5,000 customers.
Other investors who participated in the latest funding are London and Lagos-based African-focused investment vehicle V8 Capital Partners with participation from Ten13 VC, SOSV Select Fund and Vu Ventures.
Vastly Valuable Ventures, Uncovered Fund with a number of existing investors such as Reflect Ventures, Greenhouse Capital, Century Oak Capital and Remapped Ventures also invested.
