Silverbacks Holdings, a private investment firm focused on African markets, has recorded its ninth profitable exit with a partial sale of its stake in OmniRetail, a fast-growing Nigerian B2B e-commerce startup. The firm secured a 5x return on its initial investment, just a month after achieving a 29x return from its exit in cross-border fintech platform Lemfi.
The partial exit coincides with OmniRetail’s successful $20 million Series A funding round, which attracted strategic investors including Flour Mills of Nigeria, a 64-year-old manufacturing giant, signaling strong market validation of the company’s growth and model.
Founded in 2019, OmniRetail serves as a digital bridge connecting 150,000 retailers to 5,800 distributors and FMCG manufacturers across Nigeria. The company’s meteoric rise—marked by a staggering 71,818% revenue growth from $280,000 in 2020 to over $120 million in 2023—has positioned it as one of Africa’s fastest-scaling startups. In 2024 alone, it processed over ₦1.3 trillion ($810 million) in transactions and achieved profitability.
“Silverbacks has been a truly resourceful early investor and a consistent contributor to the growth of OmniRetail’s network,” said Deepankar Rustagi, CEO of OmniRetail. “I’m excited to see them continue the journey with us as I also have the pleasure to support their sports venture.”
Rustagi recently backed Cape Town Tigers, a basketball club in Silverbacks’ portfolio that reached the 2024 BAL/NBA Africa semi-finals, reflecting growing interlinkages between African tech and sports ecosystems.
A Model of Strategic Investing in Africa
Silverbacks’ ability to generate back-to-back high-return exits reinforces its long-term strategy and focus on high-potential African ventures.
“This 9th exit is another validation of our long-term strategy and reaffirms the exceptional calibre of entrepreneurs we support,” said Ibrahim Sagna, Executive Chairman of Silverbacks Holdings.
According to firm data, Silverbacks’ Nigerian portfolio has delivered an average 10.7x MOIC (multiple on invested capital) and an 81.5% IRR (internal rate of return) over just 2 years and 8 months. The returns in Egypt are even higher, averaging 9.7x MOIC and a 339% IRR over just 1 year and 7 months.
Its Africa-focused strategy has consistently outperformed its global investments, with African investments generating nearly 4x the capital deployed, compared to just 1.3x MOIC in non-African markets. Notably, fintech investments have led the charge with a 13.7x MOIC and 91.9% IRR over a 3.7-year average holding period.
Riding Africa’s Maturing Exit Wave
Silverbacks’ success also reflects a broader shift in Africa’s startup ecosystem, where secondary sales—once rare—are becoming more common as venture-backed companies mature and institutional interest grows.
The firm’s African portfolio spans multiple sectors, including fintech, media, sports, and fashion, with active investments in high-profile companies such as Moove, Wave, Flutterwave, Shuttlers, African Warriors Fighting Championship (AWFC), and the Cape Town Tigers.
“These consistent, strong exits with attractive IRRs demonstrate that investing in Africa is not only viable but also a smart move for generating superior returns,” the firm noted in a statement.
With exits becoming more frequent and lucrative, Silverbacks is positioning itself as a key player in driving — and capitalizing on — Africa’s next generation of unicorns and category leaders.