$50 M Series C secured by Kenya’s Copia Global to accelerate expansion in Africa

Copia Global, a Kenyan B2C e-commerce platform, has secured $50 million in a Series C equity investment to help it accelerate its African development.

Copia, which began operations in 2013, combines technology with a network of local agents to provide a diverse product assortment and quick, dependable delivery to “bottom of the pyramid” customers. Its service allows rural residents to purchase things that would otherwise be impossible to obtain without travelling to a large metropolis.

The firm has completed almost 10 million orders so far, and it just expanded into Uganda. Following its US$50 million Series C round, which was led by Goodwell Investments and included previous investors Lightrock, the German development finance institution DEG, and Perivoli Innovations, as well as new investors Zebu Investment Partners, the US International Development Finance Corporation (DFC), and Koa Labs, the company is now looking to expand further in Africa.

Copia plans to utilise the funds to expand its successful model across East Africa and into other African nations, reaching millions of neglected people.

Across Kenya and Uganda, the organisation has created a network of over 25,000 agents, small retailers that function as order and delivery locations. Customers may choose whether to interact with Copia online or offline as a result of this.

Copia can transport to the most remote locales, including those with inadequate road infrastructure or no addresses, at no additional cost to the consumer, thanks to its own technology-enabled logistics service. Consumers in the city and in the diaspora can utilise the service to purchase for loved ones back home.

“While mobile technology underpins all we do, it is Copia’s relentless focus on building trust – by providing low prices, quality products, reliable delivery, and uncompromising customer service – that has enabled Copia to succeed in a market that many perceived impossible,” said Tim Steel, CEO of Copia Global.

“Copia broadens access to affordable household goods for families, regardless of their income level, access to technology or location. This fits perfectly with Goodwell Investments’ strategy to support businesses that provide unserved or underserved groups in Africa access to affordable essential goods and services,” said Els Boerhof, managing partner at Goodwell Investments.

“People in rural areas in Africa typically travel to the nearest city to buy essential goods such as building materials or medicine, which is costly and time-intensive – on average rural Kenyans, for example, spend over an hour and US $4 per commute. Copia’s e-commerce model is built for the unique requirements of the African market and will save many Africans a lot of time and money. We see it as one of the next big leapfrogging technologies; just like mobile phones leapfrogged landlines and solar power leapfrogged the grid, Copia is leapfrogging retail. We are delighted to continue to support Copia by leading their Series C round.”