Shoprite Group, a popular African retailer, has made a minority investment in Omnisient, a data software startup in South Africa.
The retailer participated in an undisclosed expansion round of funding for Omnisient, which was led by Buffet Investments and KLT, the firm said in a statement.
The co-founder and CEO of Omnisient, Jon Jacobson, stated that this round of funding will be put to use to support the company’s continued geographic growth as well as the ongoing development of its platform into the top global source of consumer intelligence that complies with all applicable consumer privacy laws.
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Why Shoprite Invested
For Shoprite, which already has a collaboration with Omnisient, the investment is more strategically important. Shoprite said it will be able to use the startup’s customer data collection to better understand and spot possibilities to increase value and boost financial inclusion for its consumers.
“We are excited by local start-ups that are creating value for our customers and partner businesses, whilst having privacy at the core of their offering. As a data-rich organisation, this investment will enable us to deepen our knowledge and understanding of our customers and their needs so that we can continue to expand on the relevant services we offer them,” Neil Schreuder, chief of strategy and innovation at ShopriteX, the group’s data and customer technology unit, said.
“The decision to invest in Omnisient is the result of a considered effort to invest, partner and collaborate with start-ups as we continue to create a smarter Shoprite while remaining resolute in our commitment to be Africa’s most accessible and affordable retailer,” Schreuder added.
Along with follow-on investors One5, ENL, early shareholders Investec and Nedbank, as well as Buffet Investments and KLT, Shoprite also invested in Omnisient.
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A Look At What The Startup Does
Founded in 2014 by Job Jacobson, Omnisient enables businesses to innovate and grow profitability though data sharing. A team of data experts, including data scientists and engineers, built Omnisient’s secure data collaboration platform. The company’s patented technology allows businesses to cooperate with other businesses to overlay shared, de-identified customer assets without revealing personal information. It’s seen as a viable answer in a market that’s eager for data but concerned about compliance.
The startup has been described as Africa’s first privacy-preserving data collaboration platform provider.
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The statement states that personally identifying information is never disclosed and that the software startup’s encryption technology ensures that client data is anonymized and secured.
Omnisient data software Omnisient data software
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh