Copia Global, a Kenyan eCommerce company, has announced a $50 million Series C funding led by Goodwell Investments.
Previous investors LGT Lightrock, DEG Equity, and Perivoli Innovations also contributed significantly to the funding. New investors Zebu Capital, the US Development Finance Corporation (DFC), and Koa Labs have joined them.
Copia Global, which began operations in Kenya in 2013, uses mobile technology, a network of local Agents, and proprietary Copia Logistics to reach a market that traditional retail and Western e-commerce models are unable to reach. Every day, Copia provides thousands of clients with high-quality products at cheap market costs that are delivered at no cost. More than 10 million orders have been fulfilled by the company to date.
Across Kenya and Uganda, the organization has created a network of over 25,000 Agents, small retailers that function as order and delivery locations. Customers can choose whether to interact with Copia online or offline as a result of this.
Copia can transport to the most remote regions, even in places with poor road infrastructure or no addresses, at no additional expense to the customer, thanks to its own technology-enabled world-class logistics service. Consumers in the city and in the diaspora can utilize the service to shop for loved ones back home.
“While mobile technology underpins everything we do,” says Copia CEO Tim Steel, “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 thought was impossible.”
“I’d like to express a heartfelt thank you to Goodwell and all our Series C investors,” stated Tracey Turner, Founder, and Chairman of Copia Global. The cash will allow Copia to expand quickly, allowing millions of African consumers to gain access to high-quality household products, save money, and improve their lives.”
Copia plans to use the funds to expand its successful model across East Africa and into other African countries, reaching millions of underserved people.
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