Nigerian agritech startup bags $3.3 million in a pre-Series A round
Nigerian agritech startup Releaf has bagged $3.3 million in a pre-Series A round from Samurai Incubate Africa, Consonance Investment Managers, Stephen Pagliuca, and Jeff Ubben, to support the launch of new technologies and scale its operations across Nigeria.
Founded in 2021, the startup builds technology that ensures fast-moving consumer goods (FMCGs) have access to high-quality ingredients for their factories and has focused on building technology for Nigeria’s oil palm industry.
Its products include Kraken, a portable palm kernel de-sheller that processes 500 tonnes of palm kernel weekly and SITE, a geospatial mapping application that helps manufacturers determine the best locations to site food processing assets.
The pre-Series A round follows a seed round completed by the startup in 2021, in which it raised $4.2 million in funding. The company has said the new funding will help it to support the launch of its two new technologies.
According to Disrupt Africa, Releaf has used its supply chain technology to process more than 10 million kilogrammes of palm nuts and grown its monthly revenue 7X year-on-year.
The company has also secured more than $100 million in supply contracts from leading consumer goods manufacturers, including Presco, PZ Cussons, and more, tripling its valuation since its seed round.
