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Releaf, a Nigerian agri-tech startup, has successfully raised US$3.3 million in an oversubscribed pre-Series A fundraising round.
Releaf, a Nigerian agri-tech startup, has successfully raised US$3.3 million in an oversubscribed pre-Series A fundraising round.
Samurai Incubate Africa, which had previously led Releaf’s seed round, served as the round’s lead investor and was joined by Consonance Investment Managers.
Samurai Incubate Africa, who had previously led Releaf’s seed round, led this round of funding, which also included Consonance Investment Managers.
Notable investors include Bain Capital Chairman Stephen Pagliuca, World Wildlife Fund board member and Inclusive Capital Partners founder Jeff Ubben, and others.
Releaf has leveraged its supply chain technologies to process more than 10 million kilograms of palm nuts and increase its monthly income by 7 times year over year since its launch in 2021.
Releaf’s co-founder and CTO, Uzoma Ayogu, stated that SITE and Kraken II were the following steps in the company’s strategy to radically improve the effectiveness of agricultural supply chains in Africa.
“To launch these innovations, we are thrilled to have teamed up with an amazing cohort of investors and collaborators. We must maximize extraction yields with cutting-edge processing technology and reduce logistics costs by bringing processing capacity closer to farmers, he said, in order to make food supply chains profitable. “Prior to Releaf, stakeholders had to pick between the two options because most farmers could only process their crops with primitive equipment while major factories had superior technology but were located far away. We can now make the most of both.”
Additionally, the business has landed supply deals worth more than $100 million from top producers of consumer goods, including PZ Cussons, and others.
Read more on Tech Gist Africa:
Taeillo, a Nigerian startup, has raised $2.5 million in funding
Orda, a restaurant management startup in Nigeria, secures a $3.4 million seed funding round
Pivo Africa, a Nigerian Fintech startup, has raised $2 million in a seed funding round
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