Funds are in pouring for Kenyan ecommerce and logistics company, CopiaKenya. Barely a year after the startup raised $26 million in a Series B equity round to grow its model across Kenya and into other markets, and at a time when Jumia is scaling down some of its operations across Africa, the startup has secured $5 million in equity funding from the United States International Development Finance Corporation (DFC).
“DFC’s Board of Directors today approved over $2.5 billion across 9 projects that will advance development in #Africa, #LatinAmerica, and emerging markets across the globe!
$5 million in equity will help @CopiaKenya grow its mobile commerce platform and logistics network, which delivers essential goods like food, personal care products, and school supplies to low- and middle-income consumers in #Kenya,” DFC announced in a series of tweets.
Here Is What You Need To Know
- Also benefiting from the $2.1 billion largesse is Rwanda’s e-retailer, @kashaglobal which equally secured $1 million from DFC, to enable it expand its e-commerce platform, delivering critical health and personal care products (including PPE) to women and girls across Rwanda and Kenya. DFC also noted that investment in Kasha was the first DFC investment to meet all of the 2XCriteria.
- Last year, Copia secured $26 million Series B round of funding led by LGT Lightstone, with Goodwell, Perivoli Innovations, Endeavor Catalyst and ELEA participating.
- Copia had, also, previously raised US$2 million funding from Goodwell Investments in January, 2019.
- LGT Lightstone believed Copia’s e-commerce model is the way to reach a huge untapped market that others cannot serve.
CopiaKenya Funding DFC
Read also: Kenyan eCommerce Startup Copia Raises $26m Series B Funding To Scale Model Across Africa
A Look At What Copia Does
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.
“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.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer