Participated · Series C · Jan 2022

Copia Global is a decade-old Kenyan e-commerce and fintech platform targeting mid- and low-income consumers in rural areas using a network of local agents and logistics. The company operates a network of over 50,000 agents who are small business owners and has served over 2 million consumers, with most orders placed offline via agents, USSD, or phone. Copia has digitized its agent network, increasing agent app usage from 5% to 80% in a year, and plans to further digitize its millions of consumers, including exploring smartphone financing models. The company has experienced roughly 100% annual growth in recent years and expects annual revenue to exceed $60 million by the end of 2023. Facing tighter capital markets, Copia cut at least 700 roles, reduced Kenyan headcount by 25%, and closed its Uganda business as it shifts from expansion to achieving profitability in Kenya. To date it has raised over $120 million, including a $50 million Series C in January, and maintains pan-African expansion plans to enter 14 additional countries after reaching profitability in Kenya. Copia Global operates a B2C e-commerce service built to reach middle- and low-income African consumers using mobile technologies, a network of local agents, and proprietary Copia Logistics. The company recruits and trains small business owners as branded agents who act as local sales points and aggregated delivery locations. That agent network comprises roughly 30,000 agents (77% women) and enables deliveries in 24–48 hours without charging customers a delivery fee. Copia reports about 1.4 million unique customers, roughly doubling year-over-year, and has fulfilled more than 10 million orders to date. The model is designed for profitability in rural and hard-to-reach markets by aggregating orders and streamlining supplier relationships. Copia plans to scale further across East Africa (Kenya, Uganda, and later Rwanda and Tanzania) and is evaluating expansion into additional African markets. Copia is a Nairobi-based e-commerce catalogue and delivery service founded in 2013 by Tracey Turner and Jonathan Lewis. The company uses mobile technology and a network of over 5,000 local agents and shopkeepers to deliver consumer goods and services to underserved rural customers. Copia emphasizes trust via reliable delivery, quality products, low prices and strong customer service as the basis of its model. To date the firm has fulfilled more than three million orders. The company plans to use new funding to expand across Kenya and into other African markets. Recent governance additions include appointments of Isaac Awuondo and Bettry Mwangi to the board. Copia is a consumer-goods catalogue and delivery service that uses technology and a network of over 3,000 local agents to reach underserved rural customers. The firm serves about 40,000 consumers and executes over 80,000 orders a month, with prepaid orders typically delivered in two to three days. Copia says customers save up to $1.50 per order in transport costs and an hour of travel time versus travelling to a major city. The company has invested in logistics infrastructure, including a 4,500 sqm central distribution centre in Nairobi. Management plans to use new capital to expand the company’s geographical footprint within Kenya and eventually into other countries. Crunchbase estimates Copia had raised roughly $4 million prior to this deal.