Furniture Startup, MoKo, Secures Series B Funding Round

Kenyan-based furniture startup, MoKo Home, has completely secured a Series B funding round of Six million, Five hundred thousand US dollars ($6.5 million) debt-equity.

The round was co-led by AlphaMundi Group and Talanton. It also had the participation of Novastar Ventures while One Million US dollars ($1 million) of mezzanine finance funding was raised by Victoria Commercial Bank in Kenya for the startup.

The startup has plans to utilize the fund to push its expansion plans, especially on its presence and growth in the East African country.

Through its virtual platforms, Moko will be developing new and stronger partnerships while merchants and ventures scale its offline sales.

Making a statement, Eric Kouskalis, Moko’s managing director and Fiorenzo Conte launched the startup to secure and provide top-quality furniture and ease for its customers.

So, in 2014, the company began as Watervale Investment Limited to resolve problems with the raw material supply for the furniture industry.

Nevertheless, the startup changed plans in 2017 as it began to test its initial consumer product which was a mattress, 12 months later it launched the Moko Home and Living brand to its target audience.

The startup revealed that it has furnished about Three hundred and Seventy thousand (370,000) houses in Kenya.

Being tech-enabled, it is pulling more traction in the manufacturing and expansion department of its product line. I also envisage selling more of its product to millions of homes in years to come.

According to its expectation, the startup hopes to have made its launching into three other new markets while it achieves a larger client base by 2025.