B2B, E-commerce Platform, Omnibiz, Raises $15 Million Dollars In Pre-Series A
Omnibiz, a Nigerian Business to Business (B2B) e-commerce platform has in recent times secured a per-Series A round fund. The fund in total is Fifteen Million Dollars ($15 million) of which Five Million ($5 million) is raised as equity and Ten million ($10 million) is raised as an investment deal for debt.
As reported, the round which had the participation of Ventures Platform, Chapel Hill Denham, Musha Ventures, Lofty Inc, and Chandaria Capital, was led by Timon Capital.
This development was confirmed by Deepanker Rustagi, one of Omnibiz co-founders and CEO, during a chat with journalists.
Omnibiz, founded in 2019 is a digitalized platform that connects retailers with manufacturers and distributors that trade in a variety of products, this includes big brands such as Nestle and Cocacola. The platform has also partnered with several logistics companies to help its users fulfil their orders till the point of collection.
The firm is currently active in Nigeria and Ghana, offering its services in about 12 cities in total in both counties.
Last year, the company announced that it had launched its buy-now-pay-later feature (BNPL), a feature targeted at assisting its retailers to restock even when they are low on capital.
According to reports, the raise is targeted at expanding the company’s services further in the region. The plan is meant to commence before the month of August ends. Omnibiz has Akure, Asaba, and Ilorin on its list as towns it plans to penetrate.
Commenting on the company’s development, Rustagi stated, “We’ve expanded in cities, geographically, and we have improved the overall system; the retention of the retailer, even with growing competition, has been phenomenal. And I think that’s what equips us for the next race.”
While giving insight with respect to the investment, Timon Capital partner, Nikos Katsaounis, stated “We invested in Omnibiz because we believe that it is solving a much-needed problem. The FMCG supply chain is fragmented, inefficient, and opaque. 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.”