Kenyan e-commerce Copia secures $20m Series C extension

Points clés à retenir

Consumer spending in Africa is expected to exceed $2 trillion within the next three years, propelled by the growth of the continent's expanding middle class. Copia, a decade-old company, specifically targets mid- and low-income African consumers in rural areas. These consumers encounter challenges in accessing goods and services regarding choice, price value, and reliability, unlike their urban or higher-income counterparts who utilize platforms such as Jumia and Takealot, tailored for Western and Africa-focused markets. Despite the hurdles in identifying this target market and the potential limitation of smaller wallet sizes, Copia perceives an opportunity given the substantial number of approximately 750 million people across Africa. Having secured over $120 million in funding since its inception, including a $50 million Series C round in January, the startup adjusted its expansion plans and underwent significant workforce reductions in the current year—a reduction of at least 700 roles, including a 25% cut in its Kenyan headcount in July and the earlier closure of its Uganda business.