MarketForce, the Y Combinator-backed Kenyan startup founded in 2018, has announced that the company will shut down RejaReja, its B2B e-commerce platform.
The company’s co-founder, Tesh Mbaabu, shared the update in a blog post on Wednesday afternoon.
Details
In the blog post, Tesh Mbaabu stated that he and his co-founder will be pivoting to a company called Chpter, which focuses on empowering online merchants through conversational commerce in Africa.
Digging Deeper
Tesh discusses the challenges faced during the company’s rapid growth and the “funding winter,” emphasizing the importance of customer revenue over investor funding.
Zoom Out
MarketForce evolved from a SaaS model to a B2B marketplace with its RejaReja platform. The company gained traction and secured a place in Y Combinator, leading to $2 million in funding for expansion.
The company eventually raised $40 million in 2022.
What Happens Next
In the blog post, Tesh stated that with Chptr, they are now focused on building a product for merchants who want to grow their businesses and make money even “while asleep“.
He stated that they would focus on automation and artificial intelligence.
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