Kenyan e-commerce startup Copia Global has shut down its Ugandan operation, citing the economic downturn and limited access to capital.
“To accelerate Copia’s drive to profitability, the company is pausing its Africa expansion plans and suspending its recently established Uganda operation during this period.
This decision is consistent with many of the best companies in Africa and across the world, which are responding to the market environment and prioritizing profit,” reads a statement from Copia.
Established in 2013, Copia’s model leverages a network of digitally-enabled, locally-based agents who operate as order and delivery points to meet consumers where they are, online or offline.
Copia secured $50 million in a Series C equity round led by Goodwell Investments in 2022. The company had stated that it intended to employ the funding to broaden its operations across East Africa, including Uganda, Rwanda, and Tanzania.
In addition, it had expressed interest in venturing into other African nations such as Nigeria, Ghana, Cote d’Ivoire, South Africa, Zambia, Mozambique, and Malawi.
