E-commerce platform Copia has announced it will be closing its Uganda operations after it launched in the country back in mid-2021.
Copia, which targets low-income consumers in Africa, has been growing over the last couple of years, and this latest development about the closure of its Uganda market marks a turn that hadn’t been expected by people who are aware of how the platform runs.
For instance, before it launched there, Copia had managed to raise a substantial amount of funds to accelerate its expansion plans. In 2021, it raised KES 2.6 billion in a Series B drive. At that time, also, it souped its management by appointing Betty Mwangi as a member of its board (Betty is a former exec at Safaricom, who at one time served as Jumia Kenya CEO).
At the start of 2022, Copia secured $50 million in a funding round. The Series C round was headed by Goodwell Investments.
Given all the funds at its disposal, it would be assumed that Copia was in a…
