Kenyan e-commerce platform Copia Global which serves unbanked customers in rural parts of Kenya has secured USD 26 Mn in seed funding led by LGT Lightstone.
LGT Lightstone was joined by other investors: Perivoli Innovations, Goodwell Investments, ELEA, and Endeavor Catalyst.
The startup was launched in 2015and had only raised USD 4 mn before this latest round since its inception.
This latest round of seed funding takes the startup’s funding in the course of this calendar year to 28 Mn, having raised USD 2 Mn from Goodwell Investments in January 2019. In all, Copia Global as now raised USD 32 Mn since 2015 when it launched.
Copia Global has a peculiar e-commerce mode of operation that provides services both online and offline as it strives to target low-income and unbanked citizens living in rural areas.
The company’s unique model is equipped with a network of agents placed at various places in Kenya, even to faraway places to help customers with their transactions on its website. Literally, the agents place orders on behalf of customers.
Unique also is that customers can also make purchases on the platform through USSD technology with phones that are not equipped with smart features and without internet facilities.
The startup has revealed that the new funding will be used to boost its operations in Kenya and also expand its operations across the East African region.
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