Grace Ashiru
Silverbacks Holdings, a leading private investment firm focused on Africa, has recorded its ninth successful exit through a partial sale of its stake in OmniRetail, a top Nigerian B2B e-commerce startup. The deal delivered a fivefold return on its original investment, reinforcing Silverbacks’ strong performance within Africa’s expanding startup scene. The announcement was made at the 2025 African Business Media Innovators (ABMI) event in Livingstone, Zambia, highlighting the rising appeal of African markets to investors.
Since its launch in 2019, OmniRetail has become a major force in modernizing West Africa’s informal retail supply chain. Its digital platform links more than 150,000 retailers with 5,800 distributors and FMCG manufacturers. The company has seen explosive growth, with revenue jumping 71,818% from $280,000 in 2020 to over $120 million in 2023, and it processed ₦1.3 trillion ($810 million) in transactions last year. After raising $20 million in Series A funding backed by Flour Mills of Nigeria—OmniRetail reached profitability in 2024.
The OmniRetail exit comes shortly after Silverbacks’ 29x return from its investment in Lemfi, a Nigerian remittance and payments firm. These back-to-back wins highlight Silverbacks’ successful long-term strategy and its knack for spotting standout entrepreneurs across Africa. Executive Chairman Ibrahim Sagna noted that investing in high-potential founders is central to building Africa’s future global brands. Silverbacks’ approach relies on data-driven portfolio construction, with a focus on export-driven, tech-enabled businesses to deliver strong returns.
Silverbacks’ African portfolio continues to outperform its non-African investments, underscoring the region’s strong potential. In Nigeria, the firm has achieved an average 10.7x return on capital and an 81.5% IRR over just 2.8 years. Egypt has delivered equally striking results, with a 9.7x return and 339% IRR in only 1.7 years. Across the continent, Silverbacks has nearly quadrupled its invested capital, with fintech emerging as the top performer—posting a 13.7x return and 91.9% IRR over an average holding period of 3.7 years.
The African investment landscape is increasingly defined by cross-sector collaboration. A prime example is OmniRetail CEO Deepankar Rustagi’s investment in the Cape Town Tigers, a Silverbacks portfolio company. This reflects a growing culture of mutual support among Africa’s rising entrepreneurs. Silverbacks’ pan-African portfolio spans fintech, media, sports, and fashion, with standout names like Moove, Wave, Flutterwave, Shuttlers, and African Warriors Fighting Championship (AWFC). With strong, repeat exits and compelling IRRs, Silverbacks continues to prove that Africa offers not just opportunity, but consistently superior investment outcomes.
Silverbacks Holdings’ recent profitable exit from OmniRetail highlights the immense potential within Africa’s expanding startup landscape. By targeting high-growth, underserved sectors and backing standout ventures, the firm has repeatedly delivered strong returns. As Africa gains global investor attention, Silverbacks stands as a key catalyst—driving innovation, fueling economic progress, and empowering emerging entrepreneurial talent. Its continued success affirms that Africa presents not only opportunity but also outsized investment upside.
