DEG to invest $7.5m in Copia
Deutsche Investitions- und Entwicklungsgesellschaft (DEG), the German development finance institution and a subsidiary of KfW Group will invest $7.5 million equity in Copia Global Inc, an African mobile commerce start-up company that was founded in 2013.
Copia is the first mobile commerce platform built to serve middle to low-income African consumers, regardless of their access to technology or geographic location. By leveraging a network of agents and tech-enabled logistics operations, Copia addresses a high growth market that formal retail and e-commerce cannot reach. The company is expanding its product range towards offering embedded financial services products to its customers and agents.
The company started its operations in Kenya and has recently set-up another entity in Uganda, with further pan-African expansion plans.
The funds will be used for growth of the core business, pan-Africa expansion and the implementation of financial services product offerings.
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