By Spy Uganda
Just a few months after opening new facilities in Uganda, Copia now says it’s suspending its operations in the country.
The Kenyan-based mobile commerce platform also says that it’s pausing its Africa expansion plans due to what it terms as economic downturn and constrained capital markets.
Copia says it will now focus on building its Kenyan business to profitability.
”Given the economic downturn and constrained capital markets are expected to continue for some time, Copia plans to double down on efforts to drive our founding Kenya business to sustainable, scaled profitability,” a statement from the company says.
”This decision is consistent with many of the best companies in Africa and across the world, which are responding to the market environment and prioritizing profit,” the statement further reads.
In October last year, Copia announced new appointments in its leadership to focus on regional growth and expansion strategy.
The company appointed Caren Robb as Global Chief Financial Officer and Mike King as Chief Technology Officer also appointed in-house leader Dominic Dimba as Managing Director for East Africa with immediate effect.
In January of that same year, the startup also raised $50 million in a Series C equity round led by Goodwell Investments.
Launched in Kenya in 2013, Copia harnesses mobile technologies, a network of local Agents, and proprietary Copia Logistics to reach a market that formal retail and Western e-commerce models cannot.
It’s not clear how many employees will be affected by this latest move by the company. Copia, however, says this approach will ensure it is well-positioned to pursue its pan-African ambitions with its proven formula for successful expansion, to serve the 800 million middle and low-income consumers through the power of e-commerce.
