South African retailer, Shoprite Group has joined a group of investors, led by Buffet Investments and KLT, in an undisclosed expansion round in Omnisient, Africa’s first privacy-preserving data collaboration platform provider.
Omnisient claims to enable businesses to use consumption data in a secure, compliant, and risk-free manner to create new revenue streams through their bank-grade encryption technology which anonymises customers’ data.
According to a press release, in partnership with Omnisient, Shoprite will be able to use customer data to better understand its customers and identify opportunities to create more value and improve financial inclusion for them.
“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,” said Neil Schreuder, Chief of Strategy & Innovation at ShopriteX, Shoprite Group’s data and customer technology unit.
For Omnisient, CEO and co-founder Jon Jacobson said, “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.”
Omnisient’s investment round also included follow-on investors One5, ENL and early shareholders, Investec and Nedbank.