This archive report was first published on 29 November 2019.
On November 29, 2019, Kenyan e-commerce platform Copia secured $26 million (KSh2.6 billion) in a Series B funding round led by LGT Lightstone.
The six-year-old company plans to use the funding to expand its services across Kenya and other African countries, as well as add new delivery points within the country.
Copia offers mobile commerce services to low and middle-income consumers through local agents and a technology-enabled logistics service. The company targets the low-income population in remote areas through small shopkeepers serving as order and delivery points.
According to a press release, Copia has a network of over 5,000 agents, which has enabled the company to fulfill over 3 million orders to customers online and offline, most within two days.
"We built our business on a mobile platform to bring retail services to low and middle-income African consumers—consumers who are remote, unbanked, unconnected, and who may not have a valid ID or address," said Tim Steel, CEO of Copia.
The company also reaches the urban population through its website, allowing urban shoppers to order goods and avail the products to relatives in rural areas.
"While mobile technology underpins all we do, it is Copia’s relentless focus on building trust that has enabled us to succeed in a market that many perceive as impossible. We build trust through reliable delivery, quality products, low prices, and uncompromising customer service," said Tracey Turner, Founder, and Chair of Copia Global.
As part of its expansion plans, Copia has also named two new board members, Isaac Awuondo and Betty Mwangi, who will bring their financial expertise and business acumen to the company.
