NETHERLANDS – Goodwell Investments, an impact investor focusing on innovative businesses in emerging markets, has announced its recent investment in OmniRetail, a B2B e-commerce platform revolutionizing the informal supply chain in sub-Saharan Africa.
The investment, made through Goodwell’s uMunthu II fund in collaboration with Alitheia Capital, kickstarts OmniRetail’s Series A fundraising round, signaling a commitment to fostering financial inclusion in underserved communities.
Founded in 2019, OmniRetail addresses the challenges within Africa’s commerce value chain by digitizing the informal retail sector, which plays a pivotal role in the region’s economy.
Archit Bagaria, Head of Investments at OmniRetail, emphasized the significance of digital infrastructure in transforming Africa’s retail landscape, stating, “Africa deserves a robust digital infrastructure layered on top of the existing informal retail – the impact of which cannot be overstated.
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!”
OmniRetail’s flagship platform, Omnibiz, along with innovative tools like OmniPay and Mplify, empower small retailers with essential resources to procure products, access credit, and optimize their businesses for profitability and scale.
Currently, the company has onboarded over 140,000 small retailers and 90 brands, positioning itself as a leader in redefining the retail industry in the region.
The investment aligns with Goodwell and Altitheia’s commitment to supporting local businesses providing essential goods and services to underserved populations.
Oti Ilentamhen, Investment Principal at Alitheia, highlighted OmniRetail’s focus on empowering underrepresented entrepreneurs, particularly women, who constitute 78 percent of its customer base.
Ilentamhen stated, “OmniRetail exemplifies the potential for technology-driven solutions to drive positive change in underserved communities.”
Looking ahead, OmniRetail aims to expand its footprint across West Africa, with plans to strengthen its presence in Nigeria while scaling its digital offerings to Ghana and Cote d’Ivoire.
The investment will fuel the company’s growth ambitions, with OmniRetail aiming to double in size by the end of 2024.
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