Shoprite backs local tech start-up Omnisient

Staff Writer
By Staff Writer, ITWeb
Johannesburg, 28 Oct 2022

Retailer Shoprite Group has made a minority investment in South African tech start-up, Omnisient.

According to a statement, the retailer is among a group of companies, led by Buffet Investments and KLT, which invested in an undisclosed expansion round in Omnisient.

“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,” says Neil Schreuder, chief of strategy and innovation at ShopriteX, the group’s data and customer technology unit.

“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.”

Described as Africa’s first privacy-preserving data collaboration platform provider, Omnisient enables businesses to use consumption data in a secure, compliant and risk-free manner to create new revenue streams.

The tech start-up’s encryption technology ensures customers’ data is anonymised and protected, notes the statement, adding that personally identifiable information is never shared.

In terms of the partnership with Omnisient, Shoprite reveals it will be able to use customer data to better understand and identify opportunities to create more value and improve financial inclusion for its customers.

“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,” adds Schreuder.

Apart from Buffet Investments and KLT, Shoprite joined follow-on investors One5, ENL and early shareholders Investec and Nedbank in their investment in Omnisient.

“This round of investment will be used to support our continued geographic expansion, as well as the ongoing development of our platform into the world’s leading source of consumer intelligence that fully complies with global consumer privacy regulations,” concludes Jon Jacobson, co-founder and CEO of Omnisient.