At a time Jumia is scaling down some of its operations across Africa, Kenyan e-commerce startup Copia Global has raised US$26 million in a Series B equity round to grow its model across Kenya and into other markets.

‘‘The global economy is missing out on a massive, untapped, high growth market opportunity. There are 750M middle and low-income African consumers who spend $680B per year. Formal retail and e-commerce cannot reach the vast majority of them but Copia’s mobile commerce platform can. The advent of mobile technologies is the game changer. Copia was built to bring regular Africans quality goods at low prices, regardless of their income level, access to technology or location. In this way, mobile commerce becomes Africa’s next big leapfrog solution,’’ the startup notes on its website. 

Here Is The Deal

• This US$26 million Series B  round of funding was led by LGT Lightstone, with Goodwell, Perivoli Innovations, Endeavor Catalyst and ELEA participating. Startup Copia has previously raised US$2 million funding from Goodwell Investments in January, 2019.
• The startup will use the capital to expand across Kenya and into other African countries, providing service to Africa’s rapidly growing middle markets.

Why The Investors Invested

According to LGT Lightstone partner Shakir Merali, Copia’s e-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.

LGT Lightstone is a global direct private equity impact investing platform focused on scalable business solutions that improve livelihoods by harnessing breakthrough developments in technology. LGT Lightstone invests into companies in Europe, Asia, Latin America and Africa that provide access to products, services and information for underserved consumers and promote sustainable resource utilization. LGT Lightstone is part of LGT Group, a leading international private banking and asset management group that has been fully controlled by the Liechtenstein Princely Family for over 80 years.

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 with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world