Kenyan-based mobile commerce platform Copia has suspended its operations in Uganda and paused its expansion plans in Africa due to an economic downturn and constrained capital markets, the company has said.
Copia will focus on building its Kenyan business to profitability instead, which according to a company statement, is "rapidly growing its e-commerce service, providing middle-income consumers with an unrivalled high-quality, low-cost, distribution capability, built on a network of more than 50,000 agents."
The move follows a $50 million Series C equity round led by Goodwell Investments in January 2022. Copia has fulfilled more than 10 million orders to date.
Copia, which launched in Kenya in 2013, uses mobile technologies, a network of local agents and proprietary logistics to reach a market that formal retail and Western e-commerce models cannot. It brings quality products at the lowest market prices delivered at no cost to thousands of customers every day.
In October 2022, the company appointed Caren Robb as global CFO, Mike King as CTO and Dominic Dimba as managing director for East Africa. It is unclear how many employees will be affected by the suspension of Copia's operations in Uganda.