This is definitely a very promising time for Africa start-ups as investors’ interest in on the upswing. In the last few months, African start-ups have raised close to $1 billion from investors across the world pointing to the belief that Africa is undoubtedly the next big frontier. The latest in the strings of African start-ups that got the attention of investors is the Kenyan based e-commerce company Copia Global which raised $26 million in a Series B round.
Company sources say that the funding round was led by LGT Lightstone, with participation from Perivoli Innovations, Endeavor Catalyst, ELEA and Goodwell Investments. The most attractive factor about Copia Global according to market watchers is different from other e-commerce platforms in that it 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.
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The platform allows customers make purchases on its website through agents scattered across the country who order on their behalf. Copia also allows customers make purchases with USSD technology through feature phones that do not have smart features and internet.
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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. Sources at Crunchbase say that Copia Global has raised a collective $22 million since 2015, and the recent Series B round brought the total amount raised to $48 million.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry