Kenyan e-commerce powerhouse Copia Global has raised $20 million in a Series C extension round led by African venture capital firm Enza Capital. This latest influx of funding signals Copia’s unwavering commitment to dominating the Kenyan e-commerce market and expanding its reach across Africa.
Enza Capital, co-founded by former Metaswitch CEO John Lazar, sees immense potential in Copia’s unique model catering to middle- and low-income consumers in rural areas. This strategic investment signifies Enza’s belief in Copia’s ability to revolutionize African e-commerce and empower underserved communities.
The $20 million boost will fuel Copia’s ambitious growth plans, allowing the company to:
- Solidify its market position in Kenya by strengthening its network of over 50,000 local agents and enhancing its super-app offerings.
- Explore expansion into new regions within Africa, leveraging its proven success model and adapting it to local needs.
- Invest in technological advancements to further streamline its platform and deliver a seamless shopping experience for its customers.
This latest funding round not only validates Copia’s success but also underscores the growing potential of the Kenyan e-commerce landscape. Copia’s commitment to financial inclusion and empowering rural communities aligns perfectly with Kenya’s digital transformation goals, paving the way for a thriving online marketplace accessible to all.
The round also saw participation from global private bank LGT, Goodwell Investments, the U.S. International Development Finance Corporation (DFC), German development finance institution DEG, Elea, Perivoli Foundation, and Sorenson Foundation. This diverse range of investors shows the international recognition of Copia’s impact and the potential it holds for future growth.
With a renewed war chest and a strategic partnership with Enza Capital, Copia Global is poised to solidify its position as a leading force in Kenyan e-commerce and continue its mission to empower communities across Africa. This investment marks an exciting new chapter for the company, and its success will undoubtedly shape the future of online shopping in Africa.