Africa-focused investment firm Silverbacks Holdings said on Tuesday it has completed its ninth exit, generating a five-times return on invested capital from a partial divestment in Nigeria-based B2B commerce startup Omniretail.
The announcement was made at Bloomberg’s African Business Media Innovators (ABMI) conference in Livingstone, Zambia.
Founded in 2019, Omniretail operates a digital platform that connects informal retailers and distributors across West Africa, providing inventory management, embedded finance and payments services. The company has been valued at over $100 million, according to Silverbacks.
Omniretail’s revenue rose by 71,818% between 2020 and 2023, increasing from $280,000 to more than $120 million, and it reached profitability in 2024. The company connects more than 150,000 retailers and 5,800 distributors and processed ₦1.3 trillion ($810 million) in transactions last year. It recently raised $20 million in Series A funding.
Silverbacks Executive Chairman Ibrahim Sagna said the exit validated the firm’s long-term strategy and its focus on backing high-growth African founders.
Silverbacks said the Omniretail transaction forms part of a partial exit programme announced in May. On average, the firm’s Nigerian exits have delivered a 10.7x multiple on invested capital and an internal rate of return (IRR) of 81.5% over a 2.8-year holding period. Exits in Egypt have generated a 9.7x multiple and a 339% IRR over an average 1.7 years, it said.
Across its African portfolio, Silverbacks has returned about four times initial capital invested, with fintech investments producing a 13.7x multiple and a 91.9% IRR over an average 3.7-year holding period. Non-African exits have returned 1.3x, according to the firm.
The exit follows Silverbacks’ eighth exit earlier this year, which it said returned 29 times invested capital from Nigerian remittance and payments company LemFi.
Silverbacks has also recently invested in African Warriors Fighting Championship (AWFC), Nigeria’s largest combat sports platform, which has partnered with sports streaming service DAZN ahead of a major Dambe event scheduled for June 28 in Abuja. The firm holds board seats at AWFC and South African sports-technology company NERGii.
Other investments include Moove, Wave, Flutterwave, Cape Town Tigers Basketball Club, and Forever7 Entertainment.
Founded in 2019, Silverbacks targets export-oriented, technology-enabled businesses, aiming for 3x to 5x returns. Its core portfolio of 14 companies has a combined valuation of more than $10 billion, the firm said.