The fund is targeting a final close of $75 million.

The close saw 70% of Limited Partner (LP) interest from the VC’s first institutional fund, a strong testament to the firm’s track record and strategy.

New and returning investors include the first-of-its-kind participation from the Nigeria Investment in Digital and Creative Enterprises (iDICE) program, a bold initiative aimed at positioning Nigeria as a global hub for digital innovation and creative excellence, alongside, International Finance Corporation (IFC), a member of the World Bank Group, Standard Bank (South Africa), British International Investment(BII), the UK’s development finance institution and impact investor, Proparco through its EU-backed Choose Africa VC program, Micro, Small & Medium Enterprises Development Agency (MSMEDA) and AfricaGrow.

The fund also attracted strong participation from leading European family offices, including Alder Tree Investment, as well as a consortium of prominent global investors including  Michael Seibel.

Ventures Platform’s PAF II will strategically deepen its investment scope across Africa. In addition to its foundational pre-seed and seed rounds, the fund will now lead and catalyse Series A investments, effectively de-risking high-potential ventures and enhancing value creation.

Simultaneously, it will consolidate the firm’s activities in Francophone Africa and accelerate pan-African expansion into North Africa, while doubling down on its core operations in Nigeria and broader Africa.

The fund will prioritise ventures building essential “painkiller” solutions that solve for non-consumption and plug infrastructural gaps in Fintech, Healthtech, Agritech, Edtech, AI, amongst other sectors.

Speaking on the close, Kola Aina, Founding Partner at Ventures Platform, said,

“The backing we’ve received from a diverse group of blue-chip partners is a powerful endorsement of Africa’s place as the purest, most asymmetric source for non-consensus alpha and transformative impact. The continent’s innovation opportunity is boundless, the needs are immense, but realising its full impact demands smart contextual capital, post-investment value creation, and a commitment to de-risking groundbreaking market-creating innovations. With VP PAF II, we are broadening our reach and deepening our focus on discovering and empowering innovators that will solve chronic non-consumption across the continent.

He continues,

“We believe Africa’s challenges are its greatest opportunities. By supporting resilient founders, we’re catalysing sustainable, market-creating innovations that will shape the future of the continent and plug gaps for the next billion. As we expand our footprint, our focus remains clear: to identify and back ventures that are building market-creating innovations that solve for non-consumption and drive economic evolution”.

Since its inception in 2016, Ventures Platform has established a robust track record, discovering and funding over 90 startups, including some of the most successful on the continent, across multiple tech verticals.

This success is underscored by the strong performance of its 1st institutional fund, which closed in December 2022, and the firm’s impressive return of 4 out of 6 vintages to date.

Further demonstrating its value-creation proposition, Ventures Platform has achieved a high graduation rate from Seed to Series A and beyond, with notable examples of investees including Raenest, Remedial, and SeamlessHR, as well as LemFi and Moniepoint, which have successfully raised Series B and C funding, respectively.

Over the years, the firm’s success has remained rooted in its deep local expertise, robust platform (portfolio success) practice, and data-driven approach to investment decisions and supporting founders.

As a team of expert ex-operators and founders, the Ventures Platform team understands the nuances of the African market and is committed to building long-term partnerships that drive transformative impact. Its ability to efficiently evaluate deals, deploy resources, and scale its portfolio companies has solidified its reputation as the investor of choice in the ecosystem.

The confidence shown by its diverse LP base and a unique investment from institutions like iDice highlights the Venture platform’s commitment to empowering entrepreneurs who are driving Africa’s economic future and establishing the continent as a global innovation leader.

Dr Olasupo Olusi – MD/CEO of Bank of Industry said,

“As the implementing agency of the iDICE (Investment In Digital and Creative Enterprises) Programme, Bank of Industry is proud to be associated with Ventures Platform – the programme’s Technology Fund Manager on this milestone achievement. By investing in Ventures Platform’s Fund II, which serves as iDICE’s Technology Equity Fund for Nigerian startups, we are deepening the Federal Government’s objective of upscaling the Nigerian technology and creative sectors by catalyzing strategic investments in high-growth, technology-enabled enterprises and the innovation ecosystem. Thereby contributing meaningfully to the nation’s broader economic transformation agenda, with a goal to create jobs at scale, but also empower high-growth entrepreneurs across the country.”

Also speaking, Nimalan Reddy, executive vice president, Investment Banking/Equity Investments at Standard Bank South Africa, said

“Standard Bank is proud to continue our partnership with Ventures Platform into Fund II. This is a testament to the quality and strength of the Ventures Platform team and our commitment to supporting high impact entrepreneurs across Africa.”

“We are proud to renew our support to Ventures Platform with their new fund”, said Françoise Lombard, CEO of Proparco. “As our first fund investment under the EU-backed Choose Africa VC program, it underscores our confidence in the team and our continued commitment to backing the tech ecosystem in Nigeria and across Africa”.

Farid Fezoua, IFC Global Director for Disruptive Technologies, Services and Funds, said:

“Emerging markets are home to a new generation of founders building practical, scalable solutions to pressing development challenges. IFC’s investment in Ventures Platform Fund II will help early-stage startups move from proof-of-concept to growth, accelerating innovation in sectors like fintech, healthtech, edtech, and agtech, while also strengthening local value chains and creating quality jobs. By channeling venture capital into Africa’s tech ecosystem, we’re unlocking the potential of entrepreneurs to drive resilient growth and expand opportunities for small businesses and young people across the continent.”

Ventures Platform has consistently backed category-leading companies, with OmniRetail, Thrive Agric, and Moniepoint (Africa’s newest unicorn) all recognised among the Financial Times’ 2024 list of Africa’s 25 fastest-growing companies, with OmniRetail securing the top position.

Similarly, Piggyvest and Moniepoint have earned international acclaim, ranking among CNBC’s top 250 fintech companies and top 20 financial planning firms, while Remedial Health was named to Time’s 2025 list of the World’s Top Health Companies, highlighting Ventures Platform’s track record in nurturing high-impact innovators.

With VP PAF II, the VC is positioned to further empower Africa’s most promising innovators, driving sustainable economic evolution and solidifying the continent’s position as a global leader in innovation while delivering on its mission of democratising prosperity.

These companies emerged as continental innovators, with Nigeria holding 28 spots on the list, the second-highest after South Africa’s 51.

Compiled in collaboration with Statista, the ranking assesses companies based on compound annual growth rates (CAGR) between 2020 and 2023. 

The list offers a look at private and emerging companies that are not usually in the public eye but are impacting African business dynamics.

Top of the List: Nigerian Startups Surge Ahead

Omniretail, a B2B e-commerce and embedded finance platform, led the entire ranking with an astounding compound annual growth rate of 795.9% and absolute growth of 71,818.4%. In just three years, its revenue grew from $0.28 million in 2020 to $120.15 million in 2023. 

Headquartered in Nigeria and operating in Ghana and Côte d’Ivoire, the company has become a huge innovator in bridging the gap between manufacturers and informal retailers.

Second on the list of Africa’s fastest-growing companies is PalmPay, a digital wallet and payments platform that posted 583.6% CAGR, growing from $0.2 million in 2020 to $63.9 million in 2023. Its employee count also soared from 87 to over 1,000 during the same period, showing both financial and operational scale.

In third place was Remedial Health, a Nigerian Pharmaceuticals & Cosmetics company that recorded 339.1% CAGR. The company’s revenue grew from $0.19 million to $16.3 million, with employees growing from 6 in 2020 to 300 in 2023.

Moniepoint, another Nigerian fintech firm, made the list, growing its revenue from $15 million in 2020 to $264.51 million in 2023, a 1,663.4% increase. The company now employs 1686 people, up from just 216 three years ago.

Nigeria and South Africa Dominate the List

Together, Nigeria and South Africa accounted for 79 of the 130 companies listed. While this shows the depth of entrepreneurship in the continent’s two largest economies, it also stresses how difficult it remains for startups from smaller African nations to scale regionally.

Stéphane Bacquaert, managing partner at Adenia, a private equity firm focused on Africa, noted that Africa’s fragmentation makes it difficult to operate across borders. “You deal with different currencies, different legal environments, and, despite the political efforts to try to integrate the regions, the reality is that you don’t operate the same way in Côte d’Ivoire as in Senegal,” he said. “Those are two very different markets, as are Kenya and Tanzania.”

Of the Nigerian companies that made the list, only PalmPay operates in more than three countries. Omniretail, despite its scale, is active in just two additional countries. The ranking reiterates this reality, a few markets offer the scale needed to succeed, and Nigeria tops that list.

Unsurprisingly, fintech companies took the lion’s share in the ranking, making up nearly 20% of all firms. This has been the order of the day within the African tech funding space for a while now.

British International Investment CEO Leslie Maasdorp explained, just four countries including Nigeria, Egypt, Kenya, and South Africa, accounted for 90% of all fintech funding on the continent in 2024.

However, even with issues like currency depreciation and rising global interest rates, Nigeria’s fintech sector is not giving in. Norfund’s Executive Vice President, Ylva Lindberg, commented, “The entrepreneurial spirit in Nigeria in particular is formidable; there’s a sense that anything is possible.”

Investment Still Fragile

Some high-profile African startups, including those previously ranked, have collapsed. Gro Intelligence, once a leading agritech and analytics firm, went bust in 2023. Even Jumia, long dubbed “Africa’s Amazon,” has scaled back operations, its share price reflecting the downturn.

Greg Schwebig, founder and CEO of Africaworks, ranked fifth, said global monetary tightening has hurt African startups. “The whole start-up funding boom happened when there was excess liquidity in the developed world and cash moved to the developing world, including Africa. Now if you can get a T-bill at 5 per cent, people think, why would I invest in Africa?”

For some, the solution can be found in resilience and localisation. Africaworks uses an asset-light model and avoids overdependence on external capital. 

Meanwhile, companies like Omniretail are directly addressing systemic challenges. “Many microenterprises don’t have access to finance or distribution in any meaningful way,” said Lindberg. 

She shared the story of a Nigerian woman who arrived at Omniretail with only a driving licence and is now CEO of her own small fleet-based business.

While the macroeconomic environment is tough, marked by inflation, debt burdens, and fluctuating currencies, the success stories on the FT-Statista list show that African companies, particularly in Nigeria, are still finding ways to thrive. 

The growth numbers speak volumes, but behind them are countless small enterprises, job opportunities, and innovations pushing the continent forward.

The full Financial Times ranking of Africa’s Fastest-Growing Companies will be officially published on June 5, 2025.

The company is building what it calls a “network of networks” to rewire traditional trade in Africa by digitising order management and embedded financial services for retailers, distributors, and manufacturers.

The funding round was jointly led by Norfund, a Norwegian development finance institution, and Timon Capital, a Lagos-based venture capital firm. Ventures Platform, Aruwa Capital, Goodwell Investments (via Alitheia Capital), and Flour Mills of Nigeria also participated. 

This is Norfund’s first direct equity investment in an African startup.

Founded in 2019 by Deepankar Rustagi, OmniRetail has so far raised $38 million in equity and debt. Its platform connects 145 manufacturers, more than 5,800 distributors, and over 150,000 informal retailers across 12 cities. 

Retailers use the app to place orders, get working capital, and process digital payments, backed by a logistics network of over 1,100 vehicles and 85 warehouse partners.

So far, the company has been profitable, becoming EBITDA positive in 2023. By 2024, it turned net profitable, a rare achievement among African startups. 

Rustagi attributed the success to efficient asset use within their network model. “The profitability journey was an outcome of our efficiency on utilising the assets that we aggregated in the network, and this has proven that the model that we put together as a ‘network of networks’ is profitable and is highly scalable,” he said. 

“That’s the reason we went ahead and raised the capital to finally put the metal on the pedal and scale in more geographies and more categories. We’re expanding now not just to grow, but to optimise.”

Rustagi, speaking alongside OmniRetail’s head of investment, Archit Bagaria, said the leadership team’s deep experience in FMCG retail helped them to build an edge. Bagaria explained, “For years, goods have been moving from point A to point B, but the lack of transparency has hindered financial inclusion and caused inefficiencies in the process.”

A key shift came when OmniRetail expanded beyond commerce into embedded finance. Rather than rushing into offering credit like many of its peers, the company waited until it had critical mass. This discipline paid off. 

Last year, OmniRetail processed transactions worth over ₦1.3 trillion ($810 million) and now disburses ₦19 billion ($12 million) monthly in inventory credit through its buy-now-pay-later (BNPL) service, Omnipay, with almost no defaults.

In 2024, OmniRetail acquired Traction Apps, a Nigerian merchant solution platform. This gave OmniRetail full-stack payment capabilities, including POS terminals, payment licenses, and access to granular sales data from retailers. 

It also offered OmniRetail the ability to build financial profiles of individual retailers and offer customised credit solutions.

Rustagi said, “Every transaction in the FMCG value chain has two sides: the movement of goods and the movement of funds. Today, we are in a position to aggregate maximum benefits from every transaction in the value chain. Our plan is to dive deep into the value chain and maximise margins. International players have done well in their markets, and we’re bringing that model to Nigeria today.”

OmniRetail no longer reports GMV (gross merchandise volume), a common metric for startups. Instead, the company says it grew net merchandise volume (NMV) by 35% and revenue by 40% over the past year, all while staying profitable. This decision shows a transition in strategy towards sustainable growth rather than flashy but empty numbers.

The fresh capital injection will help OmniRetail expand into product categories like personal care, home care, and cold storage. The investment will also flow into improving infrastructure, credit underwriting, and stronger partnerships with local debt providers.

Bagaria revealed that the next moves include a solid debt raise for inventory finance and strategic acquisitions. “Some of our next moves are laser-focused: a solid debt raise for inventory finance, strategic acquisitions, and relentless profitable growth,” he said.

Norfund’s Investor Director, Cathrine Conradi, said, “Embedded finance is one of the most transformative tools for small business growth in Africa. OmniRetail’s model brings capital to areas where traditional systems haven’t reached.”

Meanwhile, Timon Capital, an early backer, said, “OmniRetail has now hit an inflexion point in distribution, payments, and credit, showing just how much profitable growth they can generate with their expanding footprint.”

OmniRetail wants to be the go-to traditional retail platform across West Africa, not by tearing down the old system, but by making it more efficient, more transparent, and more profitable.

The winners will be announced on 13 February 2025 during the seventh edition of Africa Tech Summit Nairobi.

Scheduled to take place on 12–13 February 2025, the summit will bring together over 2,000 industry leaders and more than 1,000 companies, enabling networking, collaboration, and discussions on Africa’s digital transformation.

This year, 55 companies have been shortlisted across 11 industry categories and two individual categories. The finalists were selected from over 300 applications, with an independent panel of judges evaluating each entry based on innovation, impact, scalability, and relevance to the African market.

Lauren Adair, director of Africa Tech Summit, said, “We’re delighted to announce the finalists for the inaugural Africa Tech Summit Awards. With over 300 entries, our judges had the tough task of narrowing it down to only 5 finalists in each category. All the finalists are transforming their sectors and driving growth across the continent, and we look forward to celebrating their achievements in Nairobi next month.”

Nigerian Startups and Other Finalists by Category

• Agritech: AFEX (Nigeria), ChipChip (Ethiopia), Mazao AgClimate Limited (Tanzania), Keep it Cool (Kenya), Winich Farms (Nigeria).
• Artificial Intelligence: Cassava Technologies (South Africa), Chpter (Kenya), NextAV (Tunisia), Tawi Fresh (Kenya), ToumAI Analytics (Morocco).
• Climate Tech: Afrilogic Solutions (Ghana), Innovex (Uganda), Instollar Technologies (Nigeria), Sabi (Nigeria), Takazuri (Kenya).
• Cross-Border Payments: Aza Finance (Kenya), Flutterwave (Nigeria), Grey (Nigeria), WeWire (Nigeria), Yellow Card (South Africa).
• Digital Commerce: OmniRetail (Nigeria), Sendmercury (Nigeria), SwiftVEE (South Africa), Tawi Fresh (Kenya), Tola (Ireland).
• EdTech: Cassava Technologies (South Africa), DirectEd Development (Kenya), Hermplify (Nigeria), Ikusasa Technology Solutions (South Africa), Laboussole (Cameroon).
• Enterprise: Andela (United States), Beacon Power Services (Nigeria), Froid Energy Ltd (Kenya), Incentro Africa (Kenya), Smile ID (Nigeria).
• FemTech: Babysteps (Kenya), Hermplify (Nigeria), Mara Scientific (Uganda), My Pregnancy Journey (South Africa), Sanicle Digital Health (United States).
• Fintech: Flow (Uganda), HUB2 (Mauritius), Peach Payments (South Africa), Valu (Egypt), Yellow Card (South Africa).
• Health Tech: Antara Health (Kenya), ION Kenya (Kenya), OneHealth (Nigeria), Remedial Health (Nigeria), Zuri Health (Kenya).
• Web3: ICP Hub (Kenya), Investa Farm (Kenya), MiniPay (Nigeria), Sabi (Nigeria), Yellow Card (South Africa).

Finalists will receive complimentary access to Africa Tech Summit Nairobi, getting visibility within the industry. Award winners will be presented with a physical Africa Tech Summit Award, a recognition expected to create new opportunities for partnerships, investment, and expansion.

The summit will include panel discussions, keynote speeches, masterclasses, and the Africa Tech Summit Investment Showcase, making it an important event for stakeholders impacting Africa’s tech sector.

OmniHub is a tech-enabled decentralized distribution franchise business, designed to revolutionize FMCG distribution across Nigeria by leveraging a franchise model that allows entrepreneurs and business-minded people to start their FMCG distribution business.

OmniHub enables Nigerian entrepreneurs to manage their own warehouses, earn a consistent income, and support the supply of essential goods to local communities.

This model will significantly contribute to the government’s efforts to promote entrepreneurship, support SMEs, and ensure wider access to goods in both urban and rural areas.

Deepankar Rustagi, the CEO, speaking at the launch event said:

“At OmniRetail, we have always embraced innovation, through our “network of networks” platform and today’s launch is a testament to that commitment. OmniHub is more than just a distribution system—it is a transformative platform that empowers people looking for business opportunities in FMCG distribution, to become key players in a decentralized, tech-enabled warehousing model. OmniHub integrates seamlessly with our vision to create a dynamic, interconnected ecosystem that benefits everyone—from manufacturers to OmniHub partners to retailers in the communities they serve.

“With AI-powered predictive procurement, OmniHub offers manufacturers and our partners real-time visibility into inventory, optimized stock levels, and better product availability, which in turn reduces stockouts and improves supply chain efficiency. This cutting-edge solution will help drive business growth while addressing critical challenges in the distribution landscape.”

He concluded his welcome address with a vote of thanks to their partners and stakeholders. “As we embark on this exciting journey, I want to express our gratitude to our partners and stakeholders for your trust and collaboration. Together, we are not just launching a platform; we are shaping the future of distribution in ways that are smarter, faster, and more impactful for everyone involved.”

The appointment is fundamental to extending OmiRetail’s footprint across Francophone Africa, a region experiencing rapid economic growth and promising opportunities for the e-commerce sector.

Steve Dakayi brings a wealth of experience to OmniRetail, with a strong background in e-commerce and leadership roles. 

Before this appointment, Dakayi was the founder and CEO of BetaStore, a B2B e-commerce startup he established in 2020. Despite BetaStore’s eventual closure, the startup provided Dakayi with the required insights into the dynamics of the B2B e-commerce industry in Africa. 

His career also includes a tenure at Jumia, one of Africa’s largest e-commerce platforms, where he held important roles in commercial and fulfilment operations. 

His work at Jumia involved leading innovative teams, driving commercial strategies, and managing complex fulfilment processes, all of which provided him with the skills needed to scale through the challenges of expanding an e-commerce business in emerging markets.

OmniRetail’s decision to expand into Francophone Africa is driven by the region’s economic performance and the strategic advantages it offers. 

The Francophone African market is characterised by a stable currency, the CFA franc, which is pegged to the Euro, providing a degree of economic stability that is less common in other parts of Africa. 

This stability, coupled with high economic growth rates, particularly in countries like Ivory Coast, Cameroon, and Senegal, makes the region an attractive target for expansion. 

According to the International Monetary Fund (IMF), six of the seven fastest-growing economies in sub-Saharan Africa are in Francophone countries, stressing the region’s potential.

In his new role, Dakayi will be responsible for leading OmniRetail’s operations in Ivory Coast and spearheading the company’s broader expansion into Francophone Africa. 

He will report directly to Deepankar Rustagi, CEO of OmniRetail, and will focus on establishing strong local partnerships and driving the company’s growth in these new markets. 

Dakayi’s strategy is centred on maintaining an asset-light model to ensure operational efficiency and profitability. This approach aligns with OmniRetail’s business philosophy, which emphasises sustainable growth through strategic market entry and prudent financial management.

The Francophone region’s growing middle class is another factor driving OmniRetail’s expansion. This demographic shift is resulting in increased purchasing power and changing consumer habits, creating a fertile ground for the growth of e-commerce. 

Dakayi recognises the potential of this trend, noting that the rising middle class is a key driver of economic expansion in the region. He is confident that OmniRetail’s focus on fast-moving consumer goods (FMCG) will resonate well with consumers in Francophone Africa, allowing the company to establish a strong market presence.

OmniRetail’s expansion into Francophone Africa is a move that mirrors similarities with other major players in the B2B e-commerce sector. 

The company’s goal is to become the leading e-commerce platform in Africa, and the expansion into Francophone countries is a vital part of this vision.

The ranking, now in its third year, continues to highlight the dynamism and growth of companies in sectors including fintech, renewable energy, healthcare, e-commerce, and agriculture.

The FT presents Africa’s Fastest Growing Companies list comprising innovative, modern, companies growing at scale, that are the driving force of the international economy in the 21st century.

The Financial Times partners with Statista, to produce similar rankings for companies in Europe, Asia, and America.

The inclusion of OmniRetail as part of this prestigious list is a testament to its success and exceptional performance.

Similar to the ranking for other markets, the Africa list places companies by their compound annual growth rate (CAGR) in revenue between 2019 and 2022.

OmniRetail has grown by 772.39% over these 3 years, making it Africa’s fastest-growing company in 2024.

Launched in 2019, OmniBiz is the flagship product of OmniRetail, a distribution platform that digitises the supply chain from distributors to retailers by embracing a retailer-first, asset-light approach. OmniBiz enables retailers to place orders directly from manufacturers.

These orders are fulfilled by partner distributors, who specialise in warehousing, while transportation responsibilities are delegated to third-party logistics providers, ensuring delivery to retailers within 24 hours.

OmniRetail is building a collaborative platform that includes other innovative tools like OmniPay and Mplify, which equips retailers with essential resources and tools to procure products, build and access credit, and optimise their business for higher profitability and scale. With over 140,000 small retailers and over 200 brands onboarded, OmniRetail aims to redefine the retail industry in Africa.

Deepankar Rustagi, CEO of OmniRetail, said,

“We’re proud to enter the FT Africa’s fastest-growing list for the first time and even more so to be at the top of the list. This is a tribute to the hard work and perseverance of everyone at OmniRetail. Africa deserves a robust digital infrastructure layered on top of the existing informal retail sector, and we’re proud of the progress we’ve made so far. We are equally proud of our work towards empowering and supporting more retailers previously excluded by the financial ecosystem and those experiencing cash flow issues to enhance their supply chain processes. 

Through OmniRetail, we help retailers grow through our integrated digital infrastructure providing access to essential goods and capital. We will continue to improve infrastructure for efficient product distribution, envisioning more product variety and efficient distribution to even more remote areas.

As a company, we are on a journey to completely eliminate the inefficiencies of traditional trade by digitising the key stakeholders across the value chain”.

OmniRetail’s business model revolves around the OmniBiz platform, which digitises the supply chain, while OmniPay processes over $50 million in transactions.

This emphasises high-margin product categories and offers structured rebates and incentives.  To optimise delivery van loads, OmniRetail uses an algorithm and operates with a robust model that includes decentralised warehousing.

At least 78% of OmniRetail’s retailers and distributors are women, reflecting robust financial inclusion by providing access to banking services, working capital, and genuine digitisation.

The company works with more than 4800 distributor partners and 1100 committed vehicles and compensates partners based on delivered value.

OmniRetail recently achieved profitability, boasting gross margins of 9% and net contribution margins of 5% as of January 2024, with a registered retailer base of 144,000.

The amount was undisclosed as at the time of filing this report.

Working in collaboration with long-term partner Alitheia Capital, Goodwell invested via its uMunthu II fund, effectively kickstarting OmniRetail’s Series A fundraising round.

The firm is proud to be the first to commit, underscoring its desire to support the growth of companies driving financial inclusion in underserved communities.

Founded in 2019, OmniRetail 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.

This often-overlooked group constitutes the backbone of commerce across sub-Saharan Africa, contributing significantly to the region’s GDP and providing livelihoods to millions of individuals.

Despite their economic importance, these small businesses grapple with uncoordinated supply chains and fragmented distribution networks, hindering their growth and economic stability.

Archit Bagaria, head of Investments at OmniRetail, encapsulated the company’s mission, saying,

“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. 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!”

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.

With social impact at the core of its business model, OmniRetail is an ideal addition to Goodwell and Altitheia’s uMunthu II investment portfolio, which is dedicated to supporting local businesses providing essential goods and services to underserved populations.

Reflecting on the company’s potential for delivering positive impact, Oti Ilentamhen, Investment Principal at Alitheia commented,

“With a strong focus on empowering underrepresented entrepreneurs, particularly women who make up 78% of its customer base, OmniRetail exemplifies the potential for technology-driven solutions to drive positive change in underserved communities. As the company continues to expand its reach and impact, encompassing distribution, logistics and financial services, it sets a compelling example for the broader investment community, showcasing the immense value of supporting businesses that prioritise both financial success and social responsibility.”

As OmniRetail continues its journey to modernise informal retail across West Africa, this investment will fuel the company’s expansion plans.

In addition to strengthening its presence in Nigeria, OmniRetail has extended and is scaling its digital offerings to Ghana and Cote d’Ivoire, with the aim of doubling in size by the end of 2024.

Goodwell looks forward to partnering with OmniRetail throughout this exciting growth phase, supporting its vision to enable retailers and communities to thrive in the digital age.