Silverbacks Holdings, a prominent African-focused private investment firm, has announced its ninth profitable exit, stemming from a partial divestment of its stake in OmniRetail, a leading Nigerian B2B e-commerce startup. This strategic move generated a significant five-fold return on its initial investment, further solidifying Silverbacks' impressive track record in Africa's burgeoning startup ecosystem. The announcement was made at the 2025 African Business Media Innovators (ABMI) event in Livingstone, Zambia, underscoring the growing attractiveness of African markets for investment.
OmniRetail's Ascendance
Founded in 2019, OmniRetail has rapidly emerged as a key player in digitizing West Africa’s informal retail supply chain. The company connects over 150,000 retailers with 5,800 distributors and fast-moving consumer goods (FMCG) manufacturers through its innovative e-commerce platform. OmniRetail has achieved remarkable growth, with its revenue surging by an astonishing 71,818% from $280,000 in 2020 to over $120 million in 2023, while processing over ₦1.3 trillion ($810 million) in transactions last year. The company recently secured $20 million in Series A funding, with participation from manufacturing giant Flour Mills of Nigeria, and achieved profitability in 2024.
Silverbacks' Strategic Acumen and Returns
This partial exit from OmniRetail follows closely on the heels of Silverbacks' recent 29x return from its investment in Lemfi, a Nigerian remittance and payment company. These successive profitable exits validate Silverbacks' long-term investment strategy and its ability to identify and support exceptional entrepreneurial talent across the continent. Ibrahim Sagna, Executive Chairman of Silverbacks Holdings, emphasized that the firm’s commitment to backing high-caliber founders will inevitably lead to the emergence of Africa’s next generation of global brands. The firm's data-driven portfolio construction targets significant returns, focusing on export-oriented, tech-enabled businesses.
Africa's Investment Landscape
Silverbacks' investment performance in Africa significantly outperforms its non-African ventures, highlighting the continent's lucrative opportunities. Nigerian exits, for instance, have yielded an average 10.7x multiple on invested capital (MOIC) and an 81.5% internal rate of return (IRR) over an average holding period of 2.8 years. Even more impressively, exits in Egypt have averaged a 9.7x MOIC and an exceptional 339% IRR in just 1.7 years. Overall, Africa has returned nearly four times the capital Silverbacks has invested on the continent, with the fintech sector leading the way at a 13.7x MOIC and a 91.9% IRR over an average 3.7-year holding period.
Cross-Sector Collaboration and Future Outlook
The investment ecosystem is witnessing increasing cross-sector collaboration, exemplified by OmniRetail’s Founder and CEO, Deepankar Rustagi, investing in Silverbacks’ portfolio company, the Cape Town Tigers basketball team. This reciprocal support underscores the interconnectedness and collaborative spirit within Africa's growing business landscape. Silverbacks' diverse African portfolio spans fintech, media, sports, and fashion, with notable investments in companies like Moove, Wave, Flutterwave, Shuttlers, and the African Warriors Fighting Championship (AWFC). These consistent, strong exits with attractive IRRs demonstrate that investing in Africa is not only viable but also a smart move for generating superior returns.
Silverbacks Holdings’ latest profitable exit from OmniRetail serves as a compelling testament to the burgeoning potential of Africa’s startup ecosystem. The firm's strategic focus on high-growth, underserved industries, coupled with its ability to identify and nurture promising ventures, has consistently delivered superior returns. As Africa continues its rise onto the global investment stage, Silverbacks Holdings remains at the forefront, driving economic growth, fostering innovation, and empowering a new generation of African entrepreneurs. The firm’s ongoing success reinforces the narrative that Africa offers compelling investment opportunities with significant upside potential.