Kenyan based e-commerce platform and goods distributor Copia Global announced having raised $50 million from its investors to finance its expansion in the African continent. The company made this announcement on January 19.
The company says this Series C financing round was led by Netherlands-based Goodwell Investments. Other investors who took part in the financing round include; International Development Finance Corporation, Lightrock and German based development financier DEG.
“In the coming months and years, Copia will continue to expand across East Africa and will target market entry in amongst others Nigeria, Ghana, Ivory Coast, South Africa, Zambia, Zimbabwe, Malawi and Mozambique,” said Copia.
Copia is among the start-ups in Africa which are aiming at utilizing information and technology to address problems which affect the African continent at large like informal retail markets and highly fragmented markets.
The company was founded in 2013 and it currently operates in mid-level and low-income customers in the rural parts of Kenya and Uganda. Currently, the company has around 25,000 agents including small shopkeepers who take orders and deliver goods.
“Copia can deliver to the most remote locations, even in places with poor road infrastructure or lack of addresses, at no additional cost to the customer. Urban residents can use the service to shop on behalf of their relatives upcountry,” added the company.