Omnibiz, a Nigerian e-commerce startup, has raised USD 3 Mn in a seed round to expand into other markets. V&R Africa, Timon Capital, and Tangerine Insurance led the funding round. The round also included Lofty Inc., Musha Ventures, Sunu Capital, Launch Africa, and Rising Tide Africa.
Omnibiz employs an asset-light retail distribution approach. When a retailer places an order through the Omnibiz platform, it is routed to partner distributors, who store things on behalf of manufacturers and are known for their warehousing and transportation services. Omnibiz will utilize the funds to expand in additional West African cities outside of Nigeria, including Abidjan, Takoradi, Kumasi, and Accra, over the next few months.