Kenyan Furniture Company, Moko Secures $6.5 Million
The Moko Home + Living furniture company in Kenya has just raised $6.5 million to expand.
The Serie B debt funding round was led by Talanton, an American investment group, and the Swiss investor AlphaMundi Group.
Along with Talanton and Novastar Ventures, other partners were Blink CV and Kenya’s Victoria Commercial Bank, which contributed $2 million in convertible debt and $1 million in debt financing.
The business, which was first established in 2014 under the name Watervale Investment Limited, specialized in resolving problems with the raw material supply chains of furniture makers.
In 2017, it shifted its main business focus to mattresses before fully launching Moko Home, which sells furniture products.
Because we believed there was a good potential to guarantee and offer high-quality furniture, we entered this sector. The managing director and co-founder of Moko, Eric Kouskalis, said, “We also aimed to bring convenience to customers by making it simple for them to purchase house furniture, which is the biggest asset for the majority of families in Kenya.
The company, which has so far sold 370,000 goods, claims that in the last three years, its revenue has multiplied by five.
The company plans to use the funds to partner with retailers and outlets to increase offline sales as well as to increase its presence across digital platforms in Kenya.
