Omniful’s $5.85 million financing round led by VentureSouq to support e-commerce
Supply chain and e-commerce enablement startup Omniful has officially entered the public spotlight, having secured $5.85 million in seed funding in a round led by VentureSouq. Other participants include 500 Global, DASH Ventures, Jahez Group, SEEDRA Ventures, Bunat Ventures, Hala Ventures, RZM Investments, along with several family offices such as Al Rasheed, Siraj Holding, Al Bawardi, and Al Nafea.
Headquartered in the United Arab Emirates and Saudi Arabia, Omniful has developed systems for order management, warehouse oversight, and transportation coordination.
These systems empower merchants to leverage hyperlocal and omnichannel commerce, efficiently manage their orders, and monitor inventory in real-time.
Omniful also provides third-party logistics providers (3PLs) with tools to streamline their workflows effectively.
Mostafa Abolnasr, Co-founder and CEO of Omniful, shared with TechCrunch that common pain points for merchants, including coordinating different sales channels, managing inventory flows, ensuring stock accuracy, and optimizing picking and fulfillment times, inspired him and his co-founder Alankrit Nishad, both of whom have extensive experience in e-commerce, to launch Omniful.
Abolnasr noted that market research indicated that existing software solutions failed to meet customer needs, were challenging to scale, expensive, and required significant deployment time.
“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,” explained Abolnasr. “We look at it from an impact and pain point release perspective.”
Omniful, which has emerged from stealth mode with its $5.85 million seed funding, provides merchants and third-party logistics providers with a comprehensive solution that includes tools for insights.
The startup’s technology enables large enterprises and small merchants to utilize various sales channels, reducing workforce costs per store and fulfillment time by up to 40% and 70%, respectively.
Omniful’s initial customers include some of the largest retailers and third-party logistics providers in several markets, including Saudi Arabia and the UAE. Abolnasr stated that their technology can handle a minimum of 3 million orders per day per client, making it suitable for customers pursuing growth.
This positions Omniful for its growth plans, including expanding its customer base to other parts of the world, including Africa and India, where it has a research and development center.
Tammer Qaddumi, General Partner at VentureSouq, commented on Omniful’s potential, stating, “We see Omniful as having uniquely far-reaching applications, giving it lots of space to run. Here in MENA [Middle East and North Africa], 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. 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.”
