In order to fund the introduction of new technologies and expand its operations throughout Nigeria, the Nigerian agritech firm Releaf received $3.3 million in a pre-Series A round from Samurai Incubate Africa, Consonance Investment Managers, Stephen Pagliuca, and Jeff Ubben.
The firm, which was founded in 2021, specializes in developing technologies for Nigeria’s oil palm industry and ensures that fast-moving consumer goods (FMCGs) have access to high-quality commodities for their factories.
Its products include SITE, a geospatial mapping tool that aids producers in choosing the optimal sites to locate food processing assets, and Kraken, a mobile palm kernel de-sheller that processes 500 tonnes of palm kernel on a weekly basis.
The business had raised $4.2 million in a seed round in 2021, which was followed by the pre-Series A round. The business has stated that the additional investment will aid in supporting the introduction of its two innovative technologies.
Releaf has processed more than 10 million kilograms of palm nuts using its supply chain technologies, and Disrupt Africa reports that its monthly revenue has increased 7X year over year.
The company’s worth has tripled since its seed financing thanks to more than $100 million in supply contracts with top consumer products producers like Presco and PZ Cussons.