Copia Global, a Kenyan B2C e-commerce startup, that is designed to serve the rapidly growing middle and low-income African consumer market, has secured a $20 million fund in series C round.
The funding round comprised investors such as Enza Capital, Goodwell Investments, the International Development Finance Corporation (DFC), DEG, Elea, Perivoli Foundation, and Sorenson Foundation.
Speaking on the funds secured, Copia Global CEO Tracey Turner said,
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“We are all heads down and focused on Kenya right now, and we won’t pick up our heads until after we hit that milestone. We have done a lot of reconnaissance work and planning for where we will go next and the International rollout plan will come after we reach profitability in Kenya”.
According to Els Boerhof, the managing partner at Goodwell Investments, she said,
“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.”
Launched in 2013 by Tracey Turner and Jonathan Lewis, Copia Global caters to African consumers with moderate to low incomes, especially those living in rural areas. The platform enables customers to shop for goods from anywhere and anytime on their mobile phones with the click of a button.
With a network of over 50,000 digital-enabled Agents across Kenya, two million Customers, and over 13 million orders to date, Copia provides a seamless shopping experience to all Customers regardless of their income level, access to technology, or location.
Copia’s e-commerce platform is designed to meet the specific needs of Africa’s growing middle- to low-income consumers, saving them time and money.
Notably, the startup leverages cutting-edge technology that links middle and low-income consumers to a variety of quality products that are delivered at their convenience. Consumers can now access life-enhancing products at affordable prices, saving them from traveling to urban retail centers or from simply not having access to them.
Also, Copia avails to its stakeholders (Agents, manufacturers, and Customers) a logistical ecosystem that allows for an efficient, seamless, and end-to-end linkage across the supply chain. This ecosystem is also linked to global manufacturers and is bringing high-quality products at the lowest possible cost to the Customer.
By employing best-in-class payment options, Copia enables all consumers, even the unbanked, to transact through cash or mobile money.
Recently, the leading e-commerce/fintech platform partnered with payment processing Giants Visa, a global leader in digital payments, to provide digital financial services to middle to low-income consumers in Kenya. The 5-year partnership will enhance Copia’s digital capabilities and expand Visa’s reach to the final global frontier.