Goodwell Investments has led a group of returning and new investors backing a Series C round for Kenya-based Copia Global, a B2C online shopping and delivery service used by middle and low-income consumers, particularly those in rural areas, to buy goods. Between them, the investors are putting $50 million to work in the firm which will be used to scale Copia’s business across East Africa as well as start penetrating other geographies on the continent.
Goodwell first backed Copia in early 2019, investing $2 million in the business. The other returning investors for the firm’s Series C include Lightrock, DEG, and Perivoli Innovations. They are joined by three new investors, namely Zebu Investment Partners, DFC, and Koa Labs. Brian Frimpong, Zebu’s Managing Partner will join Copia’s board as an observer. DEG and Zebu will also be able to nominate an independent director to represent them on the board. A breakdown of how much each is contributing to the round has not been disclosed.
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