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Home Ecommerce US Development Finance Corporation (DFC) to invest US$ 6 million in African e-commerce companies

US Development Finance Corporation (DFC) to invest US$ 6 million in African e-commerce companies

by Charity Mbaka
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The US International Development Finance Corporation (DFC) is planning to invest up to US$ 6 million in equity investment into Copia Global and Kasha.

Copia Global is an e-commerce company that delivers essential goods such as food, personal care products, and school supplies to low- and middle-income consumers in rural and peri-urban areas of Kenya. It will be the recipient of US$ 5 million in equity investment from the DFC.

Copia will channel the funds towards growing its mobile commerce platform and logistics network.

In late 2019, Copia raised a US$ 26 million seed round led by LGT Lightstone.

Copia aims to reach under-served communities including women and individuals earning less than $10 per day, with approximately 70 percent of customers employed by small businesses or farms.

Kasha on the other hand will be receiving US$ 1 million in equity investment. It will channel the funds towards expanding its e-commerce platform, delivering critical health and personal care products—including personal protective equipment—to women and girls across Rwanda and Kenya.

Kasha’s main vision is to empower women through digital access to health products. The company believes that by enabling greater access to personal care products, it can counter the absenteeism of school girls and subsequently help them focus on their education.

The mobile platform is accessible on all platforms and devices regardless of whether they are connected to the internet or not. Kasha sells products directly to low- and middle-income women in both rural and urban locations.

These investments are part of $3.6 billion total investments approved over the quarter.

United States International Development Finance Corporation (DFC) was set up by the Trump administration in 2018 to replace its predecesor, OPIC.

It is America’s development bank. It invests in private companies across different sectors such as energy, healthcare, critical infrastructure, and technology.

The DFC also finances small businesses (SMEs) and female entrepreneurs in emerging markets.

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