- MoKo Home, a Kenyan home furniture startup, has completed a $6.5 million Series B debt-equity funding round.
- Talanton and AlphaMundi Group co-led the round. Blink CV and Novastar Ventures participated. Victoria Commercial Bank in Kenya also provided debt funding worth $3 million, of which $1 million is mezzanine financing — a debt that can be converted into equity.
- MoKo also plans to use the cash to expand its growth and presence in Kenya by utilising its online channels and forming new collaborations with merchants and outlets to boost offline sales.
In a statement, managing director of MoKo, Eric Kouskalis, and Fiorenzo Conte founded the startup to ensure and provide high-quality furniture and convenience to its customers.
So, in 2014, the company began as Watervale Investment Limited to resolve problems with the raw material supply for the furniture industry.
However, it changed course in 2017 and began a trial for its first consumer product (a mattress), and a year later, it unveiled the MoKo Home + Living brand to target the general market.
According to the company, more than 370,000 houses in Kenya presently use its goods.
As it starts to scale manufacturing and expand its product line, it plans to sell to millions of homes over the coming years.
In addition, MoKo wants to have a product for every significant piece of furniture found in a standard house, including the bed frame, TV stand, coffee table, and carpet.
Moreover, it aims to develop more reasonably priced items in the traditional product categories of sofas and mattresses.
MoKo plans to use the cash to expand its growth and presence in Kenya by utilising its online channels and forming new collaborations with merchants and outlets to boost offline sales. It also intends to buy more tools.
By 2025, it hopes to expand into three new markets and achieve a large client base.
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