Goodwell Investments, a firm specializing in impact investments for emerging markets, has announced a strategic investment in OmniRetail. This B2B e-commerce platform tackles the challenges faced by West Africa’s vast informal retail sector through digital solutions.
The investment, made through Goodwell’s uMunthu II fund in collaboration with long-term partner Alitheia Capital, kickstarts OmniRetail’s Series A fundraising round. Goodwell takes pride in being the first investor, highlighting its commitment to supporting businesses that promote financial inclusion in underserved communities.
Fueling Growth Across West Africa
This investment fuels OmniRetail’s expansion plans across West Africa. Beyond strengthening their presence in Nigeria, the company is scaling its digital offerings to Ghana and Côte d’Ivoire, aiming to double in size by the end of 2024. Goodwell looks forward to partnering with them on this exciting journey, supporting their vision of empowering retailers and communities in the digital age.
Founded in 2019, OmniRetail addresses the needs of informal retailers, the often-overlooked yet crucial backbone of commerce across West Africa. These small businesses contribute significantly to the region’s GDP and employ millions. However, fragmented supply chains and distribution networks hinder their growth and stability.
“Africa deserves a robust digital infrastructure built upon the existing informal retail sector,” says Archit Bagaria, Head of Investments at OmniRetail. “Informal retail plays a critical role in efficient distribution and financial inclusion. With Goodwell’s support, we’re on a journey to transform retail in Africa through a true digital infrastructure play.”
Equipping Retailers for Success
Through its flagship platform, Omnibiz, and innovative tools like OmniPay and Mplify, OmniRetail empowers retailers with resources and tools to procure products, access credit, and optimize their businesses for profitability and growth. With over 140,000 retailers and 90 brands already on board, the company is well-positioned to redefine the West African retail landscape.
OmniRetail’s social impact focus aligns perfectly with Goodwell and Alitheia’s uMunthu II investment portfolio, dedicated to supporting businesses serving underserved populations. Oti Ilentamhen, Investment Principal at Alitheia, emphasizes the company’s potential:
“With a focus on empowering underrepresented entrepreneurs, especially women (who make up 78% of their customer base), OmniRetail showcases the power of technology-driven solutions to drive positive change. As they expand, encompassing distribution, logistics, and financial services, they set a compelling example for the investment community.”
