Kenyan e-commerce platform Copia has outdid itself and raised $26 million (KSh2.6 billion) in a Series B funding round led by LGT Lightstone.
Copia, which offers mobile commerce services to low and middle-income consumers through local agents and a technology-enabled logistics service, is now looking to add new delivery points within the country.
The six-year-old company says it will use the funding to expand across Kenya and other African countries. Currently, Copia has a network of over 5,000 agents spread across the country and serves over 180,000 consumers in rural Kenya.
“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, Quartz reported.
The company targets the low-income population in remote areas through small shopkeepers who serve as order and delivery points.
“E-commerce has the potential to transform Kenya’s economy while helping to uplift the living standards of millions of people. However, this can only happen if they are rolled-out with logistics and distribution solutions tailor-made to work for Kenya.” Mr. Steel said during the launch of their new online shopping solution early this year.
To date, Copia has fulfilled more than two million orders and served over 300,000 customers while providing an additional source of income to its agents.
Meanwhile, e-commerce giant, Jumia, has exited two African countries – Tanzania and Cameroun market citing challenging market and the need to cut costs.
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