Supply chain and e-commerce enablement startup, Omniful, has made its official debut, announcing $5.85 million in seed funding led by VentureSouq. The funding round also saw participation from investors such as 500 Global, DASH Ventures, Jahez Group, SEEDRA Ventures, Bunat Ventures, Hala Ventures, RZM Investments, as well as family offices, including Al Rasheed, Siraj Holding, Al Bawardi, and Al Nafea.
Key Takeaway
Omniful, a supply chain and e-commerce enablement startup, has secured $5.85 million in seed funding led by VentureSouq. The company offers a comprehensive suite of solutions for ordering, warehouse management, and transport management, enabling merchants to tap into hyperlocal and omnichannel commerce. Omniful’s platform also equips third-party logistics providers with tools to streamline their workflows. The company plans to use the funding to expand its customer base globally, including markets in Africa and India.
Enabling Efficient Supply Chain Management
Omniful, which is based in the UAE and Kingdom of Saudi Arabia (KSA), has developed a comprehensive range of solutions for ordering, warehouse management, and transport management. These tools enable merchants to tap into hyperlocal and omnichannel commerce while efficiently managing their orders and inventory in real-time. The platform also equips third-party logistics providers (3PLs) with the tools they need to streamline their workflows.
According to Omniful’s co-founder and CEO, Mostafa Abolnasr, the pain points experienced by merchants inspired him and co-founder Alankrit Nishad to create the company. These pain points include challenges in aligning different sales channels, managing inventory flows, ensuring stock accuracy, and optimizing picking and fulfillment time. Abolnasr notes that market research revealed that existing software solutions failed to meet customer needs, were difficult to scale, expensive, and time-consuming to deploy.
“We started out with a vision to rebuild the technologies that are currently used, and will be used in the future for supply chain, hyperlocal omni-channel retail, and e-commerce operations. This required us to rethink basically every feature on a first principle basis, absolutely focused on four pillars: speed, accuracy, scale, and efficiency,” said Abolnasr.
Omniful’s platform offers benefits to both big enterprises and small merchants. Users of the technology can leverage different sales channels to reduce workforce costs per store, as well as decrease fulfillment time by up to 70%. The company’s early customers include some of the largest retailers and 3PLs in markets such as KSA and the UAE.
Expanding Globally
Omniful’s capabilities extend to handling a minimum of 3 million orders per day per client, making it suitable for businesses pursuing growth. The company also has plans to expand its customer base to other parts of the world, including Africa and India, where it already has a research and development center.
“We see Omniful as having uniquely far-reaching applications, giving it lots of space to run. Here in the MENA region, the concept of trading is embedded in our history. This region has an established tradition of great retail franchises, which Omniful can help to enhance, making them more competitive in an increasingly dynamic environment,” said Tammer Qaddumi, general partner at VentureSouq.
“Omniful is universal, adaptable, and global, having already found use cases across multiple large markets. We genuinely see Omniful as a borderless solution that can become essential to any domestic business and also play a role in unifying processes for cross-border operations.”
