ViKtoria Business Angels Network was joined by Growing Africa Capital and several global VCs in this round.
The investment will go into maximizing on their recent momentum by enhancing the product to unlock new revenue streams and building the team’s capacity across East Africa.
Tesh Mbaabu, Co-Founder and CEO of MarketForce 360, speaking about the investment said, “2020 has been an incredibly important year for us. After two bootstrapped years of R&D, building the product, and testing across various industries, we are ready to take in external capital. Initial customers love our product, so we are ready to aggressively grow our customer base as we make an impact in the expansive African retail and distribution economy. We are focused on supporting our clients to sell more during this difficult time and plan to raise additional capital within the year to support our growth efforts.”
Founded in 2018, MarketForce 360 enables consumer brands to optimize how they deliver essential goods and services to retailers and consumers by bridging the information gap in last-mile distribution, while maximizing efficiency across the sales and distribution value chain.
They leverage the power and availability of mobile devices by enabling field agents to record all customer interactions as they happen in the field; for digitized orders, deliveries and payments to enhance productivity and improve customer service.
MarketForce 360 then aggregates the data collected in the field and presents it through live web dashboards, where manufacturers, distributors and financial service providers can easily and effectively monitor and analyze their distribution channels; enabling them to estimate demand and tailor their sales, distribution and marketing efforts based on real-time market trends and consumer purchasing habits. This enables them to harness the potential of the African market like never before.
Jason Musyoka, VBAN Manager said, “We believe that the highly fragmented African retail and distribution value chain is primed for disruption. The analytics from such platforms will be instrumental in distribution optimization hence bringing goods to as close as possible to the highly-expectant, globally-aware African consumer market. The team at Mesozi has proven to be capable of delivering the product and eager to exploit the opportunities the sector presents.”
Thuku wa Thuku, Director, Growing Africa Capital said, “We’re passionate about investing in businesses that have entrepreneurs with a track record, as well as scalable solutions that solve real problems. We’re excited to join Mesozi on this journey of automation.”
What’s particularly compelling about MarketForce 360 is that they are building a suite of solutions which address an African economy where over 90% of the goods and services consumed are sold through an informal network of over 15 million retail outlets and millions of field sales agents.
To date, MarketForce 360 has worked with over 40 consumer brands across various industries including; Safaricom, Pepsi, Platinum Credit, LetShego, Wrigleys, Norda Industries, and Ilara Health in Kenya, Uganda, Tanzania and Rwanda; processing over US$200 million in sales transactions through the platform.
“We currently operate in Kenya and Uganda, and are keen to expand to Tanzania, Rwanda and Ethiopia at the right time.” Tesh Mbaabu told Founder360°
According to Mesongo, the Co-founder & CTO of MarketForce 360, MarketForce 360 is the first of its kind, end to end sales and distribution digitalization platform offering ‘Technology as a Service’ that is in use across the entire value chain for various industries; from the manufacturers, to distributors, wholesalers, retailers and field sales agents.
“This not only unifies the fragmented retail economy, but also allows for easier integration of third-party solutions for value-added services like retail audit, point of sale, logistics and retailer financing,” he added.
In 2019, Mesozi Group also secured an undisclosed investment for its Traveltech subsidiary Cloud9xp, a leading online marketplace, booking service and distributor for leisure experiences in East Africa.