Kenyan B2C e-commerce company Copia Global has raised $50 million in a Series C funding round led by Goodwell Investments. The new funding round welcomed new investors such as Zebu Investment Partners, the US International Development Finance Corporation (DFC) and Koa Labs, as well as former investors Lightrock, German development finance institution DEG and Perivoli innovations.
The round comes three years following Copia’s $26 million Series B round. The company has raised a total of $33.5 million in Series A and B funding. But including its Series C, Copia’s total funding since its inception in 2013 now stands at $83.5 million. Copia Global was founded in Kenya by Tracey Turner and Jonathan Lewis as a B2C e-commerce platform to serve middle and low income African consumers.
The company said in a statement that it is leveraging mobile technologies, a network of local agents and sole ownership of Copia Logistics to reach a market that traditional Western retail and e-commerce models cannot. Its model allows it to deliver goods profitably, due to its approach to the market.