Nigerian retail-tech startup OmniRetail has kicked off its latest round fundraising with an undisclosed amount of funding from Goodwell investments.
Founded in 2019, OmniRetail is a B2B enablement company that provides the necessary digital infrastructure to tackle some of the most pressing challenges within Africa’s commerce value chain, particularly by addressing the needs of informal retailers.
Through its flagship platform, Omnibiz, and innovative tools like OmniPay and Mplify, OmniRetail equips retailers with essential resources and tools to procure products, build and access credit, and optimize their business for higher profitability and scale. With over 140,000 small retailers and 90 brands onboarded, the company is well-positioned to redefine the retail industry in the region.
It has now secured funding from Goodwell Investments, an impact investor focused on innovative businesses in emerging markets. Working in collaboration with long-term partner Alitheia Capital, Goodwell invested via its uMunthu II fund, effectively kickstarting OmniRetail’s Series A fundraising round.
“Africa deserves a robust digital infrastructure layered on top of the existing informal retail – the impact of which cannot be overstated. As the largest employer and the only ecosystem that can truly ensure efficient distribution of essential goods, healthcare, and financial inclusion – informal retail plays a very important role in the economies we want to transform,” said Archit Bagaria, head of investments at OmniRetail.
“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.”
