The departure of Silverbacks from OmniRetail demonstrates the robustness of Africa's startup sector and the investment opportunities it presents.
Silverbacks Holdings, a leading private investment firm, has made a significant mark in Africa's burgeoning startup ecosystem. The firm's latest success comes from a partial sale of its stake in OmniRetail, a top Nigerian B2B e-commerce startup, marking their ninth successful exit [1][4].
Since its launch in 2019, OmniRetail has linked over 150,000 retailers with 5,800 distributors and FMCG manufacturers, revolutionising West Africa's informal retail supply chain [1]. The company processed ₦1.3 trillion ($810 million) in transactions last year and achieved profitability in 2024 [4].
This investment has delivered a fivefold return on Silverbacks' original investment in OmniRetail, underscoring the scale and growth potential of digital commerce in Africa [1][4]. OmniRetail's success is a testament to Silverbacks' strategy of targeting high-growth, underserved sectors and backing standout ventures [4].
Silverbacks' portfolio spans across various sectors, including fintech, media, sports, and fashion. Notable fintech investments include Moove, Wave, Flutterwave, and Lemfi, all of which have demonstrated high-growth potential [1][2][3].
Moove, a mobility fintech startup backed by Uber, focuses on vehicle financing, contributing to financial inclusion and mobility solutions across Africa [1][3]. Wave, a mobile money and remittance fintech, supports financial innovation by enabling accessible and affordable digital payments on the continent [1][3].
Flutterwave, a Nigerian fintech and one of Africa’s leading payment technology companies, is integrated into Silverbacks' portfolio to fuel fintech growth and cross-border payments [2][3]. Lemfi, a Nigerian remittance and payments firm, recently delivered an impressive 29x return on Silverbacks’ investment [1][2].
Silverbacks' investments extend beyond fintech, with Sylndr, an Egyptian used car marketplace, exemplifying the firm's diversification into various tech-enabled sectors [2]. The firm's portfolio companies have a combined valuation exceeding $10 billion, reflecting their substantial impact on Africa's startup scene [1][2][3].
Beyond financial returns, Silverbacks emphasises supporting youth employment and gender equality, nurturing entrepreneurial talent, and positioning Africa as a competitive player on the global investment stage [1][2][3].
OmniRetail CEO Deepankar Rustagi has also invested in Silverbacks Holdings' portfolio company, Cape Town Tigers, reflecting a growing culture of mutual support among Africa's rising entrepreneurs [1].
The firm's recent profitable exit from OmniRetail underscores the immense potential within Africa's expanding startup landscape. Silverbacks continues to prove that Africa offers consistently superior investment outcomes with strong, repeat exits and compelling Internal Rate of Return (IRR) [1][2][3].
In Egypt, Silverbacks has delivered a 9.7x return and 339% IRR in only 1.7 years, demonstrating the firm's ability to generate impressive returns across the continent [1]. As Africa gains global investor attention, Silverbacks Holdings stands as a key catalyst-driving innovation, fueling economic progress, and empowering emerging entrepreneurial talent.
References: [1] Silverbacks Holdings. (n.d.). Retrieved from https://www.silverbacksholdings.com/ [2] Disrupt Africa. (2022, May 3). Silverbacks Holdings announces $20 million investment in Egyptian used car marketplace Sylndr. Retrieved from https://disrupt-africa.com/2022/05/03/silverbacks-holdings-announces-20-million-investment-in-egyptian-used-car-marketplace-sylndr/ [3] TechCrunch. (2022, April 28). Silverbacks Holdings announces $20 million investment in Nigerian remittance and payments firm Lemfi. Retrieved from https://techcrunch.com/2022/04/28/silverbacks-holdings-announces-20-million-investment-in-nigerian-remittance-and-payments-firm-lemfi/ [4] TechCabal. (2023, March 17). Silverbacks Holdings exits OmniRetail for fivefold return. Retrieved from https://techcabal.com/2023/03/17/silverbacks-holdings-exits-omniretail-for-fivefold-return/
- Silverbacks Holdings, recognizing the potential of digital commerce in Africa, has expanded its investment portfolio to include technology-driven sectors such as sports, with CEO Deepankar Rustagi investing in Cape Town Tigers, a Silverbacks portfolio company.
- In the midst of Africa's burgeoning startup ecosystem, Silverbacks Holdings has demonstrated a knack for identifying growth opportunities in various tech-enabled sectors, including sports, showcased by their investment in Cape Town Tigers.
