Copia, a Kenyan e-commerce platform has raised Ksh.5.6 billion ($50 million)Series C round led by Goodwell Investments for regional expansion.
Zebu Investment Partners, the U.S. International Development Finance Corporation (DFC), Koa Labs, Lightrock, German development finance institution DEG, and Perivoli Innovations also participated in the round.
This takes the total capital raised by the company to $83.8 million (KSh9.5 billion). In 2019, it raised $26 million (KSh2.9 billion) in a Series B round.
CopiaTo Scale African Expansion
“The funding enables Copia to grow rapidly and enable millions of African consumers to access quality household products, save money and make their lives better,” said Tracey Turner, Founder and Chairman of Copia Global.
“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,” said Els Boerhof, Managing Partner at Goodwell Investments.
Established in 2013, Copia’s model leverages a network of digitally-enabled, locally based agents who operate as order and delivery points to meet consumers where they are, online or offline.
“Today, Copia serves over 1 million customers in Kenya, contributing to over $6 million economically,” it states on its website.