According to Quartz, this funding round was led by LGT Lightstone, with participation from Perivoli Innovations, Endeavor Catalyst, ELEA and Goodwell Investments.
Unlike standard e-commerce platforms, Copia Global has a unique business model that effectively combines online and offline experiences, and is focused on low-income and unbanked citizens living in rural areas.
The platform allows customers make purchases on its website through agents scattered across the country who order on their behalf.
Copia also allows customers make purchases with USSD technology through feature phones that do not have smart features and internet.
The new funding is coming after a $2 million round from Goodwell Investments in January 2019.
Copia will use the new money raised to strengthen operations in Kenya, and expand across East Africa.
According to Crunchbase, Copia Global has raised a collective $22 million since 2015, and the recent Series B round brings its…