Copia Global, a Kenyan e-commerce and fintech platform targeting mid- and low-income consumers, has welcomed John Lazar, former CEO of Metaswitch, to its board.
This move comes after Copia Global secured $20 million in a Series C extension round. Enza Capital, co-founded in 2019 by Lazar, whose extensive experience includes serving as CEO of Metaswitch Networks, was a significant participant in the funding round, along with LGT, Goodwell Investments, the U.S. International Development Finance Corporation (DFC), DEG, Elea, Perivoli Foundation, and Sorenson Foundation.
Copia Global, founded a decade ago, focuses on serving mid- and low-income African consumers, particularly in rural areas. The company operates in a market where consumer spending in Africa is expected to surpass $2 trillion in the next three years.
The platform targets consumers facing challenges in accessing goods and services, emphasising choice, price value, and reliability. Utilising a network of local agents and logistics to reach its target market, Copia has experienced annual growth of 100% in recent years. This is despite recent challenges and a strategic shift, with annual revenues projected to exceed $60 million by the end of 2023.
Copia recently digitised its network of agents, increasing app usage from 5% to 80% within a year. With increased smartphone penetration in Kenya, the company aims to focus on digitising its millions of consumers by exploring smartphone financing models.
Copia shifted its focus from aggressive expansion to achieving profitability, aligning with broader industry trends. The company reduced its workforce by at least 700 roles and closed its Uganda business to streamline operations.
On future plans, Copia’s founder and chair, Tracey Turner, emphasises maintaining Pan-African ambitions despite the current focus on profitability in Kenya. Lazar, joining Copia’s board, aims to leverage his tech expertise, network, and provide strategic guidance to support the company’s growth and revenue generation strategies.
While Copia faces challenges akin to other B2C e-commerce platforms in Africa, the company remains optimistic about achieving profitability, effectively leveraging strategies within the industry.
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