Kenyan e-commerce platform Copia has raised $26 million (KSh2.6 billion) in a Series B funding round led by UK-based impact investing initiative LGT Lightstone.
Copia said it will use the investment to expand across Kenya and other African markets. To date, the company has fulfilled more than three million orders.
Operating its own technology-enabled logistics service, the company has overcome challenges such as poor road infrastructure and lack of addresses to fulfil more than 3 million orders, the vast majority within two days.
Shakir Merali, Partner at LGT Lightstone said, “Copia’s m-commerce model is 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.”
“While mobile technology underpins all we do, it is Copia’s relentless focus on building trust that has enabled us to succeed in a market that many perceive as impossible. We build trust through reliable delivery, quality products, low prices, and uncompromising customer service,” said Tracey Turner, Founder, and Chair of Copia Global.
New board members
Copia also announced that it had appointed former NCBA Bank chairman Isaac Awuondo, as well as Betty Mwangi, who helped launch the mobile money service Mpesa while at Safaricom, to the company’s board.
Betty is world-renowned for her leadership role at Safaricom where she was responsible for launching the successful mobile payment service, MPESA. She will be instrumental in driving Copia’s world-class technology as well as agent network growth.
