One year after closing its $40 million Series A, MarketForce needs more cash, but this time from the public. The Kenyan e-commerce giant announced that it is raising $1 million via WeFunder, an online crowdfunding service. Facing the crowdRaising money has been tougher than expected for African startups in recent times. In 2020, Eversend, a Ugandan neo-bank, raised over $1 million through crowdfunding from 994 investors in exchange for 8.94% equity. And several startups have also emerged in the last few years to facilitate crowdfunding, such as GetEquity and WeFunder.

Source: The North Africa Journal August 17, 2023 15:13 UTC