E-commerce platform Omnibiz raises $15 million pre-Series A to expand in Nigeria.
Summary
Omnibiz, a Nigerian B2B e-commerce company, has recently secured a $15 million pre-Series A investment led by Timon Capital. Retailers can purchase and restock conveniently from over 200 product brands, such as Coca-Cola and Nestle, through the Omnibiz app.The fund was raised to begin further regional expansion, starting this month. Omnibiz wants to become the primary B2B operating system for informal retailers in these cities by helping with last-mile delivery, procurement, working capital, inventory management, and operational tools for tracking sales, cost, prices, and profit.Speaking to TechCabal on a call, Deepankar Rustagi, CEO and co-founder of Omnibiz, said that this funding came about because existing investors motivated the company to raise a pre-Series A.According to a 2020 report by Standard Bank, informal retail controls 90% of Africas consumer products and retail market. In a statement shared with TechCabal, Omnibiz said that the effectiveness of this insight feature is reflected in the fact that over half of the companys annual gross merchandise value of $130 million comes from repeat retail customers.Rustagi also said on the call that these kinds of insights and data are one of the critical areas spurring growth in the retail industry. Omnibiz tackles all these problems and addresses them with an efficient software layer that provides much-needed data on this otherwise obscure market and supply chain.Get the best African tech newsletters in your inbox