Alitheia Capital and Goodwell Investments have signed a deal to back an investment into a Nigeria-based consumer technology company which is part-owned by Aruwa Capital Management.
The investors have backed a series-A funding round into Omniretail which operates as Omnibiz.
Alitheia and Goodwell is structuring the deal though uMunthu Inclusive Growth Investment Fund II (uMunthu II), which is targeting approximately $181.9 million (€150 million) at final close. The duo co-manages the fund.
Omnibiz will use the new capital for capacity expansion, with the company looking to grow its number of clients. Omnibiz is working on plans to double in size of its clients by the end of 2024.
The company is being backed based on track record. Omnibiz Africa has over 140,000 small retailers and 90 brands onboarded to its platform since inception, according to Goodwell.
“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,’’ said Oti Ilentamhen, investment principal at Alitheia. ‘’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.”
Els Boerhof is managing partner at Goodwell.
Aruwa Capital first backed Omnibiz in 2023, injecting an undisclosed amount into the company.
Other previous investors in the company include Musha Ventures which backed a $3 million seed funding round into the company in 2021.
The investor was joined on the deal by Timon Capital, Sunu Capital, Launch Africa Ventures, LoftyInc Capital Management and Rising Tide Africa.
Tangerine Insurance, a Verod Capital Management portfolio company also backed the seed funding round as a strategic player.
Headquartered in Lagos, Omnibiz is a software company that offers an e-commerce platform to consumers across Nigeria.
The platform connects wholesalers and manufacturers operating in the fast-moving consumer goods space with retailers.
Omnibiz operates across Lagos, Abuja, Port Harcourt, and Kaduna across Nigeria.
Created in 2019, Omnibiz is headed by co-founder and chief executive officer Deepankar Rustagi and employs 635 people, as of 2023.
