Nigerian retail-tech startup OmniRetail has initiated its latest fundraising venture, successfully securing an undisclosed sum from Goodwell Investments as part of its Series A round. Founded in 2019, OmniRetail is a B2B enablement company that develops and deploys digital tools and infrastructure designed to address significant challenges within Africa’s commerce value chain, especially those affecting informal retailers.
Through its comprehensive suite of applications, including the flagship platform Omnibiz, as well as OmniPay and Mplify, OmniRetail empowers retailers with vital resources. These tools facilitate product procurement, credit access, and business optimization, aiming to enhance profitability and scalability. The startup has already made substantial inroads in the market, with over 140,000 small retailers and 90 brands making use of its services, positioning it as a transformative force in the regional retail sector.
The investment from Goodwell Investments, a prominent impact investor specializing in supporting innovative businesses in emerging markets, marks a significant milestone in OmniRetail’s growth trajectory. Goodwell’s contribution comes through its uMunthu II fund, in collaboration with long-term partner Alitheia Capital. This funding not only kickstarts OmniRetail’s Series A fundraising round but also bolsters its capacity to expand and enhance its technology offerings further.
Archit Bagaria, head of investments at OmniRetail, emphasized the transformative potential of integrating robust digital solutions with the existing informal retail structures in Africa. “Africa deserves a robust digital infrastructure layered on top of the existing informal retail sector, the impact of which cannot be overstated. As the largest employer and the primary network ensuring efficient distribution of essential goods, healthcare, and financial inclusion, informal retail plays a pivotal role in the economies we aim to transform,” Bagaria stated.
With the backing from Goodwell, an influential entity committed to fostering economic growth and social impact through strategic investments, OmniRetail is poised for a phase of accelerated growth and innovation. “With support from Goodwell, one of the top impact funds focused on the continent, we are just getting started on our journey of a true digital infrastructure play that will impact and transform retail in Africa,” Bagaria added. This partnership signifies a promising future for OmniRetail, aiming to redefine and elevate the retail landscape across Africa through digital empowerment and strategic collaboration.
