Omnibiz, a Nigeria, Africa-based retail-tech startup that provides a unified B2B distribution platform powered by technology, secured $15 million in pre-Series A round of funding to accelerate retailer growth and retention, and boost its revenues four-fold.
The round was led by Timon Capital, with participation from Ventures Platform, LoftyInc Capital Management, Chapel Hill Denham, Chandaria Capital, and Musha Ventures, and was structured as US$5 million equity and US$10 million debt.
Omnibiz will use the funding to double down on winning the loyalty of retail customers and drive their retention.
This funding will allow us to quadruple the profitability of our retailers, build a scalable and profitable business, and take us one step closer to transforming African retail,” – CEO of Omnibiz-Deepak Rustagi.
Company: Mplify Ltd.
Raised: $15.0M
Round: pre-Series A
Funding Month: Aug 2022
Lead Investors: Timon Capital
Additional Investors: Ventures Platform, LoftyInc Capital Management, Chapel Hill Denham, Chandaria Capital, and Musha Ventures
Company Website: https://omnibiz.com/
Software Category: B2B e-commerce platform
About the Company: Founded in June 2019 by Deepankar Rustagi, Omnibiz is a B2B e-commerce platform that eliminates the inefficiencies of traditional trade by digitizing the retail chain. Omnibiz allows retailers to place orders at their convenience and have goods delivered to their doorstep with zero delivery costs. The company has grown rapidly into a leading B2B e-commerce platform, connecting retailers in Nigeria and Ghana with over 200 brands delivered by a network of more than 70 logistics partners. Omnibiz Africa has provided over 70,000 retailers the convenience to buy over 500+ products from our website/app. Omnibiz ensures retailers get better ROI and distributors and manufacturers grow volume and reach more retailers through our wide distribution network.
Source: https://disrupt-africa.com/2022/08/19/nigerian-retail-tech-startup-omnibiz-raises-15m-pre-series-a-round-to-accelerate-growth/