Silverbacks generates 5x return from Nigerian investment
Silverbacks Holdings has partially divested its stake in Nigeria’s Omniretail.
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Silverbacks Holdings has partially divested its stake in Nigeria’s Omniretail, a B2B commerce startup digitising informal retail supply chains.
The exit generated a multiple of five times initial cash invested.
Founded in 2019, Omniretail has been valued at over $100 million. Its revenue grew by 71,818% in three years, from $280,000 in 2020 to over $120 million in 2023. Omniretail recently raised $20 million in Series A funding.
“This ninth exit is another validation of our long-term strategy and reaffirms the exceptional calibre of entrepreneurs we support. Inevitably, Silverbacks’ crop of founders will be at the forefront of Africa’s next generation of global brands,” said Ibrahim Sagna, executive chairman of Silverbacks Holdings.
Silverback's exit is part of its partial exit programme announced last month. Nigerian exits have delivered a 10.7x MOIC and an 81.5% IRR over an average holding period of 2.8 years, while Egyptian exits have achieved a 9.7x MOIC and a 339% IRR over an average holding period of 1.7 years.
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