Goodwell Investments, a Dutch impact investing firm specializing in supporting enterprises within emerging markets, has recently declared its investment in OmniRetail, a Nigerian B2B e-commerce initiative striving to modernize the informal supply chains prevalent in Sub-Saharan Africa.
In unison with Alitheia Capital, its seasoned investment partner, Goodwell contributed to OmniRetail via the uMunthu II fund, inaugurating the commencement of OmniRetail’s Series A capital accumulation phase.
OmniRetail, established in the year 2019, serves to create a digital skeleton capable of tackling several pressing issues found within the commercial value chain in Africa, with an emphasis on the hardships faced by informal retailers.
Goodwell Investments has recognized OmniRetail as an impactful entity within its uMunthu II fund’s portfolio. The uMunthu II fund dedicates itself to the nurturing of local enterprises that deliver a social good and cater to the underserved communities, providing them with essential products and services.
Goodwell acknowledges the critical role that these often-neglected segments play in the fabric of Sub-Saharan Africa’s economy, where they contribute sizably to the region’s GDP and employment landscape. Despite their significance, these humble businesses frequently suffer due to disarrayed supply chain systems and disjointed distribution networks, which hinder their potential for growth and sustainable development.
Archit Bagaria, the investment lead at OmniRetail, remarked on the transformative potential of equipping Africa’s vast informal retail sector with digital capabilities: “Africa is deserving of a dynamic digital layer that compliments its extensive informal retail sector – the impact of such advancement would be far-reaching. As the principal employer and the sole network capable of efficiently allocating essential commodities, healthcare, and inclusive financial services, informal retail is pivotal to the economies we aim to revolutionize.”
On a similar note, Oti Ilentamhen, investment principal at Alitheia, emphasized OmniRetail’s commitment to bolstering traditionally marginalized entrepreneurs, specifically highlighting that women constitute 78% of its clientele. OmniRetail stands as a testament to how technology can be harnessed to foster meaningful change within underprivileged demographics.
“As OmniRetail forges ahead in broadening its influence, integrating elements like distribution, logistics, and financial solutions, it not only reinforces a promising narrative for investors but also underscores the profound impact and financial viability of empowering enterprises that balance economic interest with social integrity,” Oti Ilentamhen added.
