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$3 M raised by Nigerian B2B e-commerce platform Omnibiz in seed funding round

Omnibiz, founded by Deepankar Rustagi in June 2019, allows shops to place orders at their leisure and have things delivered to their doorstep at no cost. Retailers can use the company’s mobile apps, WhatsApp channel, or a dedicated service line to restock their stores.

Omnibiz has raised a US$3 million seed fundraising round headed by V&R Africa, Timon Capital, and Tangerine Insurance to drive its growth and expand across Africa. Lofty Inc, Musha Ventures, Sunu Capital, Launch Africa, Ventures Platform, and Rising Tide Africa were among the investors in the round, which brought the startup’s total secured capital to $4 million. Omnibiz has also received Seedstars funding and will be a member of the Seedstars Growth Programme.

Over the last year, the firm has grown by 25% month on month, and it has plans to expand into more West African towns in the coming months. Omnibiz has ambitions to open offices in Ibadan, Abuja, Kano, Port Harcourt, Abidjan, Takoradi, Kumasi, and Accra, among other cities. The money will also go toward developing new IT products that will add value to retailers.

“Omnibiz Africa has grown at a commendable rate since inception. We have strengthened our relationship with manufacturers and distributors of FMCGs to provide ease and convenience for retailers. Our execution and tech-enabled solution set us apart from similar companies within the sector,” Rustagi said.

Lofty Inc’s Idris Ayodeji Bello said the founding team at Omnibiz had “lived logistics, supply chains of FMCG all their lives”.

“Omnibiz is setting the standards for the B2B retail space in Africa through technology. At LoftyInc Capital Management, we have spent time looking at this problem across the continent, One couldn’t have asked for a better team than Deepankar and the Omnibiz team to crack this difficult problem,” he said.

Kola Aina of Ventures Platform was pleased by the management team’s extensive retail, FMCG, tech, and e-commerce experience.

“They have spent years working with millions of retailers and small businesses in Africa, so they deeply understand the problem, are well networked and their platform approach would create massive value, not just for manufacturers but for retailers which in essence makes the switching cost high,” he said.

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