NAIROBI, Kenya- In the wake of Copia Global’s asset sale to settle creditors, co-founder Tracey Turner is gearing up to launch a new e-commerce company in Kenya.
This move comes just a month after the Kenyan-based platform, once a promising player in the e-commerce space, entered administration.
Tracey Turner, along with former Copia CEO Tim Steel, is setting the stage for a fresh start.
Insiders reveal that the new venture, registered in Kenya, will focus on delivering household items in Nairobi and its suburbs.
Turner is in talks with several investors and has already secured commitments from three backers, according to an analyst from a VC firm privy to the discussions.
The specific role Steel will play in the new company remains unclear, but his involvement signals a continuation of their partnership.
Copia Global’s downfall came to a head on May 24, 2024, when the company entered administration due to payroll issues. Under the stewardship of KPMG’s Makenzi Muthusi and Julius Ngonga, Copia laid off 1,060 employees and sought new funding to no avail.
The company, which had been operational for eleven years, ultimately decided to wind down.
“Tim is a visionary. He was let down by his team. There was no hunger to get results as you would expect in most startups,” commented a person with knowledge of Copia’s internal workings.
Turner’s new venture comes at a turbulent time for Kenya’s e-commerce sector, which has seen several high-profile closures this year. Notably, B2B platforms iProcure and Rejareja have also shut down, reflecting broader challenges in the market.
However, Turner remains undeterred, with plans to launch operations by September or October.
Despite the recent setbacks in Kenya’s e-commerce landscape, Turner’s determination to re-enter the market highlights her resilience and optimism for the future.
The new company aims to leverage the lessons learned from Copia’s journey, with a renewed focus on customer needs and operational efficiency.
As Turner and Steel embark on this new venture, the e-commerce industry in Kenya will be watching closely.
Their experience and the lessons from Copia’s rise and fall could provide a blueprint for navigating the sector’s complexities.
With operations expected to kick off later this year, the duo’s return could mark a significant development in Kenya’s evolving e-commerce narrative.
