Ayodeji Ayenuwa
Copia Global, the Kenyan e-commerce and fintech platform, recently announced the appointment of John Lazar, former CEO of Microsoft subsidiary Metaswitch, to its board.
Enza Capital, Lazar’s Pan-African VC firm, played a significant role in the Series C extension round, along with key investors such as the global private bank LGT and the U.S. International Development Finance Corporation.
In a statement, Lazar acknowledged his long-standing professional relationship with the Copia team, citing their impressive track record and Enza Capital’s recognition of Copia’s fulfillment network and increasing digital adoption.
Lazar, a seasoned business leader, expressed enthusiasm about joining Copia, stating, “I’ve admired this company for a long time, and we think the conditions are right.”
Despite the challenges faced by Copia and similar e-commerce companies, Lazar emphasized the significance of the push towards digitization, viewing it as an inflection point that alters unit economics and efficiencies.
He sees the digitization trend as an opportunity for Copia, especially in a market where e-commerce companies are adapting to changing consumer behaviors.
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Founder and chair Tracey Turner, in a conversation with TechCrunch, highlighted Copia’s shift in strategy from emphasizing scale to achieving profitability in Kenya.
This adjustment comes in response to evolving market conditions and a broader industry trend emphasizing the importance of demonstrating healthy unit economics.
Turner explained, “We recognized in our capital markets environment that we didn’t want to continue the Ugandan operation, which was a great market and opportunity. Without the capital to get it all the way to profitability, it made sense to hold off there.”
She further stressed the importance of focusing on the digital relationship with customers, noting the rapid digitization among consumers in Kenya.
Lazar, outlining his priorities as a newly appointed board member, stated, “So when Tracey called us to say they had this internal round and they’d love to bring an additional partner in, we were super excited to join.”
His role on the board involves leveraging his tech expertise and network to assist with talent, offer sales and revenue generation strategies, and act as a sounding board for the executive team.
Copia’s strategic moves, including the digitization campaign and Lazar’s appointment, signal a significant phase in the company’s journey.
About the Company
Copia, operating for a decade, has successfully targeted mid- and low-income consumers in rural Africa. The company’s approach involves a network of over 50,000 local agents facilitating transactions for millions of customers, both offline and through digital channels.
Techrectory with Agency Report.
