Kenyan furniture company Moko Home + Living has just raised $6.5 million to expand its operations.
AlphaMundi Group, a Swiss investor, and Talanton, an American investment fund, took the lead in the Serie B debt funding round.
Other participants were Novastar Ventures, Blink CV, and debt financing from Kenya’s Victoria Commercial Bank, which provided $2 million and $1 million in convertible debt from Talanton.
The company, which was first founded in 2014 under the name Watervale Investment Limited, specialized in resolving issues with furniture manufacturers’ raw material supply chains.
Prior to completely launching Moko Home, which sells furniture products, it switched its primary business focus to mattresses in 2017.
We entered this market because we thought there was a good chance to ensure and provide high-quality furnishings. Eric Kouskalis, managing director and co-founder of Moko, stated, “We also intended to bring convenience to customers by making it simple for them to acquire house furnishings, the largest asset for most families in Kenya.
The business, which has so far sold 370,000 products, says that its revenue has increased fivefold over the past three years.
The company intends to utilize the money to expand its footprint in Kenya via digital platforms and to partner with merchants and outlets to boost offline sales.
Read more on Tech Gist Africa: