Copia Global has raised $26 million in a Series B equity round led by LGT Lightstone, with participation from Goodwell Investments, Perivoli Innovations, Endeavor Catalyst and ELEA.
Copia which was launched in Kenya in 2013, is a mobile commerce platform that serves the middle and low income consumer market on the continent. By harnessing mobile technologies, a network of local Agents and proprietary logistics technology, the company serves 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. This allows customers to choose how they interact with Copia – online or offline. Operating their own technology-enabled logistics service, the company has overcome challenges such as poor road infrastructure and lack of addresses to fulfill more than 3 million orders, the vast majority within two days.
Copia also announced the appointment of two new Board members, Isaac Awuondo and Betty Mwangi. Isaac is the former Group Managing Director of CBA Group and now Chairman of NCBA Bank PLC and brings extensive commercial acumen and financial expertise to Copia’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.
Tracey Turner, Founder and Chair of Copia Global, had this to say, “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.”