Kenyan e-commerce startup Copia Global has raised US$26 million in a Series B equity round in order to grow its model across Kenya and into other markets.
Launched in 2013, Copia combines technology and a network of more than 5,000 local agents to offer a broad product offering and efficient, reliable delivery to “base of the pyramid” consumers.
The service enables rural households to access goods that would otherwise be difficult to obtain without travelling to a major city. Copia has so far fulfilled three million orders, which take on average only two to three days.
Copia raised US$2 million funding from Goodwell Investments in January, and has now followed that up with a US$26 million Series B round led by LGT Lightstone, and also including Goodwell, Perivoli Innovations, Endeavor Catalyst and ELEA.
The startup will use the capital to expand across Kenya and into other African countries, providing service to Africa’s rapidly growing middle markets.
“While mobile technology underpins all we do, it is Copia’s relentless focus on building trust – through reliable delivery, quality products, low prices and uncompromising customer service – that has enabled the Company to succeed in a market that many perceive as impossible to serve,” said Tracey Turner, founder and chair of Copia Global.
LGT Lightstone partner Shakir Merali said Copia’s m-commerce model was the next big African leapfrogging technology.
“Just like mobile phones leapfrogged landlines and solar power leapfrogged the grid, Copia is leapfrogging retail. LGT Lightstone believes Copia’s m-commerce model is the way to reach a huge untapped market that others cannot serve,” he said.