Copia Global, a Kenyan e-commerce and fintech platform focused on serving mass market consumers in Africa, has announced a successful Series C extension funding round of $20 million. The round saw participation from both new and existing investors, including Enza Capital, LGT, Goodwell Investments, DFC, DEG, Elea, Perivoli Foundation, and Sorenson Foundation.
In addition to the fundraising announcement, Copia Global also unveiled the appointment of John Lazar, former CEO of Metaswitch, to its board of directors. Lazar brings a wealth of experience in building and scaling technology companies, which will be invaluable to Copia as it continues to grow and expand its operations.
Copia Global has established itself as a leading player in the African e-commerce space, specifically targeting mid- and low-income consumers in rural areas. Through its network of over 50,000 local agents and robust logistics infrastructure, the company has successfully served over 2 million consumers, providing them with access to a wide range of essential goods and services.
Recently, Copia Global embarked on a major digitization initiative, focusing on its network of agents. This resulted in a significant increase in app usage, skyrocketing from 5% to 80% within the span of a year. This digital transformation is expected to further improve operational efficiency and enhance customer experience.
After experiencing exceptional annual growth of 100% for the past two years, Copia Global is now shifting its focus towards achieving profitability in its core Kenyan market. This shift is driven by the current economic climate and the need to demonstrate healthy unit economics. As part of this strategy, Copia has undergone a workforce reduction, streamlining its operations and focusing on its core digital business.
Looking ahead, Copia Global maintains its ambitious expansion plans. While the immediate focus remains on achieving profitability in Kenya, the company has identified 14 other countries for future expansion. This Pan-African vision underscores Copia Global's commitment to serving a wider population and driving economic growth across the continent.
With its strong leadership team, robust platform, and clear vision for the future, Copia Global is well-positioned to continue its success as a leading e-commerce and fintech player in Africa. The recent investment and board appointment further strengthen the company's trajectory, paving the way for continued growth and impact across the continent.
Play audio
No comments