Silverbacks 5x cashout

Silverbacks Holdings is doing more than just putting money into Africa; they're reaping massive returns.

Their latest triumph? A partial exit from OmniRetail, a Nigerian B2B e-commerce startup, where they landed a 5x return on their initial investment. The exit follows OmniRetail’s recent $20 million Series A raise.

Luck or pattern? This recent partial exit marks Silverbacks' ninth profitable exit, consistently proving that Africa is a goldmine for investments. Its partial exit from OmniRetail comes one month after securing a 29x return from its LemFi exit, after the startup closed its $53 million Series B round in January 2025. 

Silverbacks' African portfolio consistently outperforms other regions, yielding an average 10.7x multiple on invested capital (MOIC) and an 81.5% internal rate of return (IRR) in Nigeria over two years and eight months. In Egypt, the company averaged a 9.7x MOIC and a 339% IRR over 1 year and 7 months.

For the curious (and confused): Multiple on invested capital (MOIC) is a measure of how many times an investment has been returned, while internal rate of return (IRR) is the annual return on investment a company has earned, factoring in the exact timing of every cash-in and cash-out.

This partial exit from OmniRetail is a calculated move by Silverbacks Holdings. By selling a portion of its stake, Silverbacks de-risks its investment while retaining exposure to OmniRetail's continued growth. This strategy allows Silverbacks Holdings to generate immediate liquidity for its fund and then use this capital to invest in new, promising ventures across Africa, like its co-investment in the South African basketball team, Cape Town Tigers, with the OmniRetail founder.

What startup will Silverbacks fund next? Africa is watching.

South Africa’s biggest Starlink kit distributor, IcasaSePush, has shut down, citing growing backlash and pressure from regulators. The company, which helped rural and remote communities get online, says it is stepping back to avoid disrupting efforts to bring Starlink into the country legally.

Its closure comes just as Starlink finally pulled the plug on roaming in South Africa. No more backdoor access, no more clever workarounds. Until an official launch happens, Starlink is off the table.

While IcasaSePush claims that it is not directly affiliated with Starlink or SpaceX, for months, it has imported and sold hardware of the satellite internet service provider (ISP). However, Starlink warned IcasaSePush to stop distributing its hardware, following the regulatory crackdown in South Africa.

Starlink is becoming a loyal dog and the timing is deliberate. It suggests that the satellite internet company is finally ready to play ball and cooperate with regulators for an operating licence—especially if South Africa formalises a telecoms equity scheme that could clear the way for Starlink's legal entry.

For now, Starlink is officially unavailable in South Africa. And for users, the message is clear: the shortcut era is over. Those who got in through IcasaSePush were instructed to either cancel their service or relocate their equipment to a country where Starlink legally operates. However, no luck for new customers.

Overall, the handling of the Starlink situation, although drawn out, has markedly been different from how some other African countries responded to Starlink. While countries like Lesotho and Somalia hurriedly gave Starlink a licence in exchange for trade favours, South Africa has continued to stick to its ground rule: Starlink won't come in for nothing.

This perseverance might just pay off.

South Africa’s third-largest mobile operator, Telkom, just dropped their financial results for the year ended March 31, 2025, and it is clear, they’re growing.

The telco’s group revenue jumped to 43.8 billion rand ($2.4 billion) a 3.3% increase from 2024’s 42.6 billion rand ($2.4 billion). The revenue were largely fuelled by the telco’s mobile service division, whose revenue also surged by 10.2%.

How did they do it? Telkom ascribes this surge to a strong subscriber growth with nearly three million new mobile users joining its network, bringing its total consumer base to 23.2 million—that’s a 13.4% expansion. The secret sauce to this surge was driven largely by prepaid customers, who grew by 15.4%, all while Telkom expertly maintained their average revenue per user (ARPU) at a steady $3.39.

What else did this result show? Mobile data subscribers shot up by 19.5% to 15.2 million, driven by nationwide demand for affordable, high-speed connectivity. Telkom optimised its pricing models, attracting more users in non-metro regions, where demand for affordable connectivity is growing.

Fibre-related data revenue grew by 10%. Fibre-based services, which have been growing over the years contributed to 82% of the firm’s wholesale infrastructure provider, Openserve.

Telkom’s next steps. The telecom company says it is heavily investing in 4G/5G infrastructure and advanced "Everything-as-a-Service" (XaaS) models, which are custom-built digital solutions for African enterprises and governments.

Telkom is also expanding terrestrial and undersea cable routes across Southern Africa through partnerships with global players like Google.

Remember Mobius Motors?

The Kenyan car-maker that was close to shutting down in August 2024 is gearing up to ply the roads again. 

ICYMI: After raising a total $38.5 million in funding, Mobius struggled to sell enough cars to keep up with high operating costs. By 2020, the company was already deep in debt, and four years later, the company was on the brink of collapse.

In March 2025, Silver Box, a Middle East investment firm, bought Mobius, saving it from liquidation. Now, the car-maker is relaunching with its rugged Mobius 3 SUV.

Assembly is expected to resume within six months. But the big question is whether Mobius can finally break into a local market that remains dominated by second-hand imports. In 2023, 85% of all car imports and sales were used cars, signalling Kenyans’ preference for second-hand cars.

Our theory is that with Silver Box’s backing, Mobius could consider exporting its cars to create opportunity for lacking demand. With roots in the Middle East, Silver Box could steer Mobius toward exporting to that region. If the cars prove their mettle, the Gulf could offer a new growth path for the car company.

But if Mobius chooses to stay focused on Kenya, success will depend on how well it meets the needs of local drivers and whether it can rebuild belief in Kenyan-made vehicles.

The company says its immediate priority is to provide after-sales support, including parts, repairs and customer care. That is a crucial move, as many Mobius owners were left without support when operations ceased last year. 

Mobius maintained supplier relationships in China, meaning it can continue assembling completely-knocked-down (CKD) vehicles locally from imported parts, keeping unit cost competitive.

Still, re-establishing trust and market share will not be easy. The company must win over cost-conscious buyers and compete with entrenched foreign brands. We're not trying to teach an old dog new tricks but cheaper pricing, durability and strong customer service will all be essential to Mobius staying alive in its second go-around.