Kenya-based Business to Customer e-commerce company, Copia Global, secured a $50 million funding in a Series C equity round directed by Amsterdam-based Goodwell investments.
The financing round admits a variety of investors, including “Zebu Investment Partners, the U.S. International Development Finance Corporation (DFC), Koa Labs, Loghtrock, German development finance institution (DEG), and Perivoli Innovations,” according to Tech Crunch.
Three years after the Copia raised $26 million in a Series B financing round, the company secured its latest round, totaling $33.5 million for both rounds. Now, with the newest series C funding, the Kenyan company has a total capital of $83.5 million.
Founded by Tracey Turner and Jonathan Lewis, the B2C e-commerce platform deliver to the continent’s middle and low-income African customers.
Copia Global plans to employ telecom technologies, networks of local service providers, and Copia Logistics to hit a higher market margin that typically cannot be obtained from traditional retail and e-commerce models from the West.
Africa’s consumer perimeter is rising, with anticipations to hit $2 trillion in the upcoming three years. This can happen by employing Africa’s middle class to lead the growth of the continent’s economy.
While this could work in theory, the reality is that most Africans’ consumer spending needs are not being fulfilled due to logistics costs.
Copia runs a business model that provides the proper means to help boost delivery profit, driven mainly by its market strategy. The company primarily covers a customer base spreading across rural areas that faces difficulties in accessing the products and the services when they want to choose.
This also includes knowing the value of the product and its dependency compared to customers in urban regions with higher income.
“The whole premise of Copia is to find a solution that was sustainable and profitable to serve consumers that we could improve their quality of life and that of their families,” said Copia CEO, Tim Steel, to Tech Crunch.
The goal is to create a sustainable business, incorporating a three-way association with consumers and 30,000 agents from diversified communities spread across Uganda and Kenya.
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