We have prepared context and insights about this week’s leading news. The stories are:
- Silverbacks cashes out of OmniRetail
- South Africa’s Telkom mobile grows by 10%
- Salus Cloud raises $3.7M to expand Software delivery in Africa
Silverbacks cashes out of OmniRetail
Silverbacks Holdings, an investment firm, has just locked in its ninth profitable exit, partially selling its stake in Nigerian B2B e-commerce startup OmniRetail for a 5x return. The move follows OmniRetail’s recent $20M Series A raise, backed by big names like Flour Mills of Nigeria.
OmniRetail, which connects retailers to FMCG suppliers through its platform, has experienced explosive growth; revenue increased from $ 280,000 in 2020 to over $120 million in 2023, and it processed more than ₦1.3 trillion in transactions last year.
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Last updated: June 11, 2025
