Silverbacks Holdings, a prominent private investment firm focusing on Africa, has recently announced its successful exit from OmniRetail, a leading Nigerian B2B e-commerce startup. This marks the firm’s ninth profitable exit, with a partial sale of its stake in OmniRetail resulting in a remarkable fivefold return on its initial investment. The achievement underscores Silverbacks’ strong performance in Africa’s burgeoning startup ecosystem and was unveiled at the prestigious 2025 African Business Media Innovators event held in Livingstone, Zambia.
Established in 2019, OmniRetail has played a pivotal role in revolutionizing West Africa’s informal retail supply chain. Through its digital platform, the company connects over 150,000 retailers with 5,800 distributors and FMCG manufacturers, facilitating seamless transactions and fostering efficiency in the sector. With a staggering revenue surge of 71,818% from $280,000 in 2020 to over $120 million in 2023, OmniRetail has established itself as a key player in the industry. The company processed an impressive ₦1.3 trillion ($810 million) in transactions last year and achieved profitability in 2024 following a successful $20 million Series A funding round backed by Flour Mills of Nigeria.
Silverbacks Holdings’ recent exit from OmniRetail follows closely on the heels of its exceptional 29x return from its investment in Lemfi, a Nigerian remittance and payments firm. These consecutive triumphs underscore the firm’s astute long-term investment strategy and its ability to identify and support exceptional entrepreneurs across Africa. Executive Chairman Ibrahim Sagna emphasized the importance of investing in high-potential founders to cultivate Africa’s future global brands. Silverbacks’ approach is characterized by data-driven portfolio construction, focusing on export-driven, technology-driven enterprises to deliver robust returns.
The firm’s African portfolio has consistently outperformed its non-African investments, showcasing the region’s immense potential for investors. Notably, in Nigeria, Silverbacks has achieved an average return on capital of 10.7x and an impressive 81.5% internal rate of return (IRR) over a mere 2.8-year period. Similarly, Egypt has yielded remarkable results, with a 9.7x return and a remarkable 339% IRR in just 1.7 years. Across the continent, Silverbacks has nearly quadrupled its invested capital, with fintech emerging as the top-performing sector, boasting a 13.7x return and a noteworthy 91.9% IRR over an average holding period of 3.7 years.
The African investment landscape is increasingly characterized by cross-sector collaboration, exemplified by OmniRetail CEO Deepankar Rustagi’s investment in Cape Town Tigers, a Silverbacks portfolio company. This trend reflects a growing culture of mutual support among Africa’s burgeoning entrepreneurs. Silverbacks’ pan-African portfolio spans diverse sectors such as fintech, media, sports, and fashion, featuring standout names like Moove, Wave, Flutterwave, Shuttlers, and African Warriors Fighting Championship (AWFC). With a track record of successful exits and compelling IRRs, Silverbacks continues to demonstrate that Africa offers not only opportunities but also consistently superior investment outcomes.
Silverbacks Holdings’ recent profitable exit from OmniRetail underscores the immense potential within Africa’s dynamic startup landscape. By targeting high-growth, underserved sectors and backing exceptional ventures, the firm has consistently delivered strong returns. As Africa garners increased global investor attention, Silverbacks remains a key driver of innovation, economic progress, and the empowerment of emerging entrepreneurial talent. Its sustained success reaffirms that Africa presents not only opportunities but also significant investment upside.
