MoKo Home + Living, a Kenya-based home furniture manufacturer and omnichannel retailer has announced the close of a $6.5M Series B round co-led by U.S based investment fund Talanton and Swiss investor AlphaMundi Group.
- Founded in 2014 by Eric Kouskalis and Fiorenzo Conte, the company formerly known as Watervale Investment Limited, set out to fix raw material supply issues for furniture manufacturers. However, in 2017 it pivoted and started a pilot for its first consumer product (a mattress), and then a year later launched the MoKo Home + Living brand to serve the mass market.
- The startup disclosed that it has grown five-fold over the last three years, and its products are currently in more than 370,000 homes in Kenya. It hopes to sell to millions of homes over the next few years, as it embarks on scaling up production and growing its product line. Among its current products is the popular MoKo mattress.
- Over the next 3 years, MoKo plans to enter three new markets and reach a wide pool of customers as furniture demand in the continent continues to grow, driven by population growth, urbanization and increasing purchasing power.