MarketForce Pivots Again, Launches Social Commerce Startup Chapter
MarketForce, the startup that brought us RejaReja, is turning a new page. After shutting down its B2B e-commerce platform, the company is launching a new venture called Chapter. This social commerce startup automates conversations on WhatsApp and Instagram for businesses.
MarketForce's journey has been anything but straightforward. Initially, it started as sales automation software before pivoting to B2B e-commerce with RejaReja. The platform allowed small retailers to stock goods from leading FMCG brands and provided access to digital financing. However, the company faced profitability struggles and price wars in the segment, making it difficult to meet financial obligations to its credit partner, Pezesha.
In 2022, MarketForce raised $2 million and was accepted into Y Combinator. It supported over 1 million merchants and achieved a $100 million valuation. Despite its initial success, investor excitement in the B2B e-commerce space waned, leading to slowed investments and mergers among competitors. After extensive efforts to make the business model sustainable, MarketForce concluded that keeping RejaReja operational was no longer feasible.
With the closure of RejaReja, MarketForce is now focusing on Chapter, a social commerce startup that automates conversations on WhatsApp and Instagram for businesses. This strategic shift aims to capitalize on the growing trend of social commerce in the African market. The company hopes to build on its past successes and adapt to the changing landscape of e-commerce.
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