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MarketForce shuts down RejaReja, launches Chpter after raising $40M at a valuation of $100M

Apr 20, 2024•about 1 year ago

Amount Raised

$40 Million

Kenya

Investors

Y Combinator

Description

MarketForce, backed by Y Combinator, has announced the shutdown of its B2B e-commerce platform, RejaReja, due to challenges in the segment. The company's co-founder, Tesh Mbaabu, unveiled the company's new venture, Chpter, a social commerce startup.

Company Information

Company

Market Force Information

Location

Kenya

About

The startup has a presence in Kenya, Uganda, and Tanzania, where over 15,000 retail customers use RejaReja to process thousands of orders daily. Tesh Mbaabu and Mesongo Sibuti founded MarketForce in 2018. Another challenge the company faced in its early years was that it took a while for partners to get on board because they didn’t understand how MarketForce would operate without owning warehouses and logistics.

Funding Insights

Based on industry data
VC-backed spending patterns
VC-backed companies spend 89% more on sales and 100% more on marketing than bootstrapped peers
Tech investment trends
83% of B2B companies plan digital investments, with 79% prioritizing customer experience tech