OmniRetail shakes up Africa’s B2B e-commerce market with $20M Series A
Deepankar Rustagi's OmniRetail, once part of a highly funded African FMCG startup sector, now faces diminished venture capital interest and enthusiasm.
MAIN POINTS
- OmniRetail raised funds in 2022 amid high excitement for African FMCG startups.
- These startups once attracted more capital than all sectors except fintech.
- The initial enthusiasm for the FMCG sector has recently waned.
- Venture capital interest in the industry has significantly decreased.
TAKEAWAYS
- The African FMCG startup sector experienced a peak in funding and interest in 2022.
- Only fintech surpassed the capital received by FMCG startups during their peak.
- Current trends show a decline in enthusiasm for FMCG startups.
- Venture capitalists are now less interested in investing in the FMCG sector.