Copia, a Kenyan e-commerce and logistics startup has received $5 million in equity funding from the United States International Development Finance Corporation (DFC) for expansion.
Copia was part of the Corporation’s $2.5 billion funding for development projects in emerging markets worldwide. Rwanda’s Kasha also received $1m from the corporation. Kenya’s 4G Capital also received a $2.9 loan for expansion.
The funding was part of the U.S. International Development Finance Corporation (DFC) approved investments this quarter totaling more than $2.5 billion across nine projects that will advance development in Africa, Latin America, and emerging markets across the globe. An additional 30 investments totaling more than $1 billion were approved by the agency since its last quarterly Board meeting in June, bringing total investments approved over the quarter to more than $3.6 billion.
According to DFC Chief Executive Officer Adam Boehler. “DFC’s work over the past three months will unlock billions of dollars in some of the world’s most impoverished countries. These projects will help stabilize communities across the world and prepare them to thrive in the years ahead. I am extremely proud of the DFC team and grateful to our agency’s many partners for their continued leadership in the face of the pandemic.”
Launched in Kenya in 2013 by Jonathan Lewis and Tracey Turner, Copia Global is a mobile commerce platform serving the untapped, 750 million middle and low-income African consumer market, including those who are remote, unbanked and unconnected.
Copia uses mobile technologies, a network of local Agents and proprietary logistics technology to serve a high growth market that formal retail and e-commerce cannot penetrate. The company has built a network of more than 5,000 Agents, small shopkeepers who serve as ordering and delivery points, across parts of Kenya.
The online to offline platform operates its own technology-enabled logistics service to fulfill within two days. The firm has served over more than 3 million orders. The firm allows users to order for essential commodities on its platform and have them delivered across the country to their agents.
Last year, the firm raised $26 million in a Series B funding led by LGT Lightstone together with Endeavor Catalyst, Perivoli Innovations, Goodwell Investments and ELEA. Prior to this round, the firm had raised up to $22 million in seed capital.
Copia Global said it would use the Series B capital to grow its proven model across Kenya and into other African countries, providing service to Africa’s rapidly growing middle markets. The $5m will help the firm expand even more across the country and probably into East Africa.
According to Tracey Turner, Founder and Chair of Copia Global: “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.”