Condia Insider: 5x returns for this VC firm

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. 

Last updated: June 11, 2025