Copia Global, an e-commerce company in Kenya has raised $50 million in a Series C equity round.
The funding was led by Goodwell Investments and it welcomed new investors like Koa Labs, Zebu Investments Partners, Perivoli Investments, German Development Finance Institution DEG and the U.S. International Development Finance Corporation (DFC).
Copia Global is founded by Jonathan Lewis and Tracey Turner and serves as a B2C e-commerce platform that serves Africa’s middle- and low-income African consumers. The company’s strategy focuses on assisting customers in rural areas that struggle to access choice goods and services.
They also compare goods via their price value and reliability that is similar in urban areas of higher incomes. Copia Global comes in by providing solutions that are sustainable and profitable to serve customers and at the same time improve their quality of life and that of their families.
Copia recruits small established business owners who have some level of familiarity and trust with customers and trains them to become agents. They put on branded Copia uniforms and help advertise the platform to individual customers within their communities and eventually get them to make their first transaction on the e-commerce store.
This round comes three years after Copia got $26 million from their Series B round. Copia’s total funding since inception totals $103 million. At the moment, Copia is building a sustainable business that will involve a three-way relationship with customers and also 30,000 agents in different communities across Uganda and Kenya.
Copia intends to use the Series C funds to grow its business model across East Africa especially Tanzania, Kenya and Rwanda. They are also eyeing other available markets depending on what socioeconomic and political macroeconomic conditions might dictate. They are looking at possible ways to expand in Nigeria, Malawi, Mozambique, Cote d’Ivoire, South Africa, Ghana and Zambia.