Kenyan e-commerce company, Copia Global raises $26 million in Series B round

by | Nov 28, 2019

Copia Global, a Kenya-based e-commerce company has raised $26 million in a Series B round.

According to Quartz, this funding round was led by LGT Lightstone, with participation from Perivoli Innovations, Endeavor Catalyst, ELEA and Goodwell Investments.

Unlike standard e-commerce platforms, Copia Global has a unique business model that effectively combines online and offline experiences, and is focused on low-income and unbanked citizens living in rural areas.

The platform allows customers make purchases on its website through agents scattered across the country who order on their behalf.

Advertisement

Copia also allows customers make purchases with USSD technology through feature phones that do not have smart features and internet.

The new funding is coming after a $2 million round from Goodwell Investments in January 2019.

Copia will use the new money raised to strengthen operations in Kenya, and expand across East Africa.

According to Crunchbase, Copia Global has raised a collective $22 million since 2015, and the recent Series B round brings its total amount raised to $48 million.

For Copia, this funding is also coming at a time when e-commerce startup on the continent are going through a seeming rough patch. Jumia has lost its unicorn status after six months of listing on the New York Stock Exchange (NYSE).


Suggested Read: How Jumia lost its unicorn status, shedding $2.6bn market cap in 6 months


A recent funding report has also shown that even Nigeria, where Jumia is headquartered, e-commerce startups have not been getting much love.

Victor Ekwealor
Victor Ekwealor

tech. media. startups. africa. vc | Twitter: @victor_ekwealor

Advertisement


Are you in tech and you are looking at getting a foreign remote job or you want to move abroad? Fill this form and you will get the BEST resources to help you get that high paying remote job as well as japa easily! WAGMI!

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Recent News

Kenya’s digital products for PwDs

Kenya’s digital products for PwDs

On #TechpointDigest, Victoria Fakiya (@latoria_ria) discusses what Jumia’s partnership with CGAP could mean, and Kenya’s digital products for people with disabilities.

Reclaiming stolen African artefacts

Reclaiming stolen African artefacts

On #TechpointDigest, Victoria Fakiya (@latoria_ria) discusses how Traction wants to stop fake alerts, Canza Finance’s journey, Esaal’s $1.7m seed round, and JABU’s $15m series A.

[PODCAST] Relooting African art with NFTs

[PODCAST] Relooting African art with NFTs

What do you think about an NFT project that wants to reclaim Africa’s lost artefacts? Well, the editorial team had some interesting thoughts, and you can listen to this and other stories on today’s episode of #TechpointAfricaPodcast.

$2 million to drive learning via WhatsApp 

$2 million to drive learning via WhatsApp 

On #TechpointDigest, we discuss how major players in the African mobility space can change the mobility narrative, FoondaMate’s $2 million funding, Twitter Create, and AMP’s $5.6 million seed round.

Subscribe to Techpoint Digest!

A daily 5-minute roundup of happenings in African and global tech, sent directly to your email inbox, between 5 a.m. and 7 a.m (WAT) every week day!

Please check your email to confirm your subscription.

Subscribe to Blockchain Explorer

Analysis oninnovation, regulations, and trends inthe blockchain sector, as it concerns Africa

Please check your email to confirm your subscription.

Subscribe to The Experts

A bi-weekly where tech career specialists take us on their journey from newbie to expert, and how they became successful in the industry.

Please check your email to confirm your subscription.

Subscribe to Founder's Table

A monthly series, where we catch up with founders in the startup ecosystem, learn about their failures, successes and a few tricks of the trade

Please check your email to confirm your subscription.

Copy link
Powered by Social Snap