Copia raises $20 Million in a Series C funding round

Copia Global has successfully raised $20 million in a Series C extension round, with Enza Capital leading the investment. Other participants in this funding round included LGT, Goodwell Investments, DFC, DEG, Elea, Perivoli Foundation, and Sorenson Foundation.

Enza Capital’s co-founder, John Lazar, will join Copia’s board due to their significant role in the funding.

Having raised a total of $120 million, including $50 million in January 2022, Copia Global employs mobile technologies and a network of over 50,000 local agents to reach markets untouched by traditional retail and Western e-commerce models.

Despite experiencing 100% annual growth, Copia decided to shut down its Ugandan operations and suspend further expansion in Africa in response to economic challenges and constrained capital markets. The company, founded in 2013, focuses on providing quality products at the lowest market prices, delivered at no cost to customers, with an emphasis on digital relationships.

Copia’s robust fulfillment network and adaptability to consumer digitization trends contributed to Enza Capital’s decision to support the platform.

This comes at a time when Copia Global has formed a strategic partnership with Visa to offer digital financial services in Kenya. This five-year collaboration will introduce a digital wallet within the Copia super-app, enabling users to seamlessly integrate shopping and financial activities.

The partnership will provide various financial services, including credit options, savings, credit scoring, and Visa’s loyalty solutions.

Additionally, the collaboration facilitates diaspora remittances, allowing individuals to directly remit funds into the Copia wallet for the purchase of essential goods and services for their families, enhancing cross-border financial inclusion.