• Nigerian startup secures $20 million Series A to grow in Nigeria, Ghana, and Côte d’Ivoire
• Backers include Norfund, Timon Capital, Ventures Platform, and Flour Mills of Nigeria
• Company reached profitability in 2024 and processed over $808.7 million in transactions

OmniRetail, a Nigerian startup helping informal retailers digitize their supply chains, has raised $20 million in Series A funding to grow its business across West Africa.

The funds will support its operations in Nigeria, Ghana, and Côte d’Ivoire. OmniRetail also plans to expand its embedded finance tools, including credit for small retailers.

The round was led by Norfund—marking its first direct investment in an African startup—and Timon Capital, which backed the company in 2022. Other investors include Ventures Platform, Aruwa Capital, Goodwell Investments via Alitheia Capital, and Flour Mills of Nigeria.

In October 2024, OmniRetail acquired Traction Apps, a Nigerian fintech that provides payment and retail tools for small businesses. This helped strengthen OmniRetail’s services for FMCG distributors and improved its tech offering.

The company had raised $15 million in 2022 in a pre-Series A round backed by Timon Capital and others. With the latest round, it has now secured around $38 million since launch.

In 2024, it turned profitable. It processed more than 1,300 billion Naira ($808.7 million) in transactions and grew revenue by 40%. Its BNPL platform now disburses about 19 billion Naira in credit each month.

Informal retailers are central to trade across sub-Saharan Africa but face weak supply chains and limited access to credit. OmniRetail connects them with manufacturers and distributors through a digital platform backed by financial services, aiming to improve how informal trade works.