Copia Is Latest Africa-Focused Startup to Roll Back Expansion
- E-Commerce company to lay off more than 350 employees
- Startups are scaling back amid a slowdown in funding
Workers pack orders ready for shipping at a Copia Global logistics and distribution hub at Tatu City Industrial Park, outside Nairobi, Kenya.
Photographer: Luis Tato/BloombergThis article is for subscribers only.
Copia Global Inc., an Africa-focused e-commerce company, became the latest startup to roll back expansion plans amid concerns of a funding slowdown.
The company is exiting Uganda and cutting 350 employees to concentrate on its main East African market in Kenya, Copia said on Wednesday. Startups on the continent are facing a stark decision on whether to keep expanding or focus on profitability with venture capital funds drying up.