B2C e-commerce company Copia Global, the parent company of Copia Kenya, has entered administration after failing to secure the necessary capital to continue operations. “Copia Global, the parent company of Copia Kenya, was unable to attract capital on terms that were amenable to all existing stakeholders, funders, and investors. Copia Global is now winding down, leaving the Copia Kenya business in a new position to raise capital directly,” Copia said in a statement. Copia and iProcure are the latest African tech ventures to feel the heat in the current global capital shortage. A host of startups have already closed their doors, including Kenyan logistics company Sendy, while pressures remain on many others.

Source: The North Africa Journal May 28, 2024 14:05 UTC