Copia has decided to halt its expansion efforts in Africa and shift its attention to its Kenyan operations. The rationale behind this decision is attributed to the prolonged economic decline and limited access to capital markets, which Copia says are anticipated to persist for the foreseeable future.
Copia says it intends to double its efforts to promote the sustainability, scalability, and profitability of its original business in Kenya.
In January of last year, Copia secured $50 million in a Series C equity round that was spearheaded by Goodwell Investments. The company had stated that it intended to employ the funding to broaden its operations across East Africa, including Uganda, Rwanda, and Tanzania. Moreover, Copia expressed interest in venturing into other African nations such as Nigeria, Ghana, Cote d’Ivoire, South Africa, Zambia, Mozambique, and Malawi.
In November of 2022, the company announced a full push into the Ugandan market with a new state of the art fulfilment centre in Kampala. However, in light of the CEO’s declaration, both the facility and the entire Ugandan venture will be put on hold.
The CEO also says that the decision to suspend other operations and focus on Kenya is consistent with what other companies are doing across Africa and the world – with the ongoing layoffs.
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