Dutch impact investor Goodwell Investments has made a $2-million investment in Copia, an e-commerce business that specializes in supplying products and services to currently underserved consumers in rural Kenya.
According to Copia’s chief growth officer Nikki Germany, they will use the investment to increase the geographical footprint of its services to low-income consumers in the country.
The firm supplies products and services to “Base of the Pyramid” (BoP) consumers using technology and a network of over 3000 local agents to deliver goods and services to about 40 000 underserved consumers in rural Kenya. Pre-paid orders take on average only two to three days to be fulfilled.
“The company has a large and positive social impact in the rural communities it serves. It provides consumers with a wide choice of products at affordable prices via a business that is close to them and that they can trust to deliver quality,” said Goodwell in a statement.
“The growth potential for Copia remains huge as it currently covers around 28% of Kenya and reaches only a minority of households in this area.”
We are excited about our new investment in Copia! This ecommerce business provides huge benefit to people living in underserved rural communities. Ideal fit for our uMunthu fund. https://t.co/Df18JHYWz5 #impinv #fintech #dfs pic.twitter.com/35zusO95T2
— Goodwell Investments (@GoodwellInvest) January 21, 2019
As it covers rural markets and targets low income households in villages and on large farms, this investment is a perfect match for Goodwell’s uMunthu fund.
uMunthu’s mission is to invest up to 50% of its funds in inclusive businesses operating in sectors other than financial inclusion that matter to low income households, either because they spend much of their income or time in these sectors, or because these offer the best opportunities to improve livelihoods.