Nigerian retail-tech startup OmniRetail has initiated its Series A fundraising with an investment from Goodwell Investments, although the amount remains undisclosed.

Established in 2019, OmniRetail is a B2B company dedicated to providing digital infrastructure aimed at resolving significant challenges within Africa's commerce value chain, especially for informal retailers.

The company's primary platform, Omnibiz, and innovative tools such as OmniPay and Mplify, equip retailers with critical resources and tools for product procurement, credit building and access, and business optimization to enhance profitability and scalability. Having integrated over 140,000 small retailers and 90 brands, OmniRetail is poised to transform the regional retail landscape.

This new funding round, facilitated by impact investment firm Goodwell Investments in partnership with Alitheia Capital through the uMunthu II fund, marks the start of OmniRetail’s Series A financing efforts.

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Archit Bagaria, head of investments at OmniRetail, highlighted the significant role of informal retail in Africa.

"Africa deserves a robust digital infrastructure layered on top of the existing informal retail sector, the impact of which is crucial. As the largest employer and a critical ecosystem for the efficient distribution of essential goods, healthcare, and financial inclusion, informal retail is pivotal in the economies we aim to transform,"

Bagaria stated.

"With the backing of Goodwell, one of the premier impact funds concentrating on the continent, we are just beginning our mission to develop a true digital infrastructure that will significantly influence and revolutionize retail across Africa,"

he added.