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Africa-Focused Investors Lead $40 Million Raise for MarketForce

  • V8 Capital Partners of Nigeria lead Kenyan firm’s fund-raising
  • Company operating retail distribution platform plans to expand

A Kenyan technology company, MarketForce, raised $40 million in a funding round led by V8 Capital Partners of Nigeria to expand its digital retail-distribution business.

The round of equity and debt financing was concluded with participation from other investors, including Ten13 VC and SOSV Select Fund, according to the company which operates a digital retail-distribution platform. Ken Njoroge, co-founder of Africa payments firm Cellulant, invested in MarketForce too and joins the company’s board as its chairman.