The decision to scale down operations came after some venture capitalists withdrew their Series A funding commitments last year, leading to a cash crunch and multiple rounds of layoffs. The company has since shifted its focus towards profitability, recently raising $1 million through crowdfunding. Despite the challenges, MarketForce co-founder and CEO, Tesh Mbaabu, remains optimistic, stating that the company is exploring more profitable and high-margin segments, leading to their move into social commerce.
Key takeaways:
- Kenyan B2B e-commerce company MarketForce has ceased operations in Kenya, Nigeria, Rwanda and Tanzania, but will continue to operate in Uganda with its super-app RejaReja.
- MarketForce is launching a social commerce tool called Chpter, designed to help merchants increase sales through their social media channels.
- The company had to scale down operations and conduct layoffs after some VCs reneged on their Series A funding commitments. MarketForce recently raised $1 million through crowdfunding.
- MarketForce is refocusing its resources to build a profitable business in areas with strong demand, and is moving into social commerce as it seeks more profitable and high margin segments.