Nigerian agritech Releaf raises $3.3 million

‎Who was funded?

Releaf, a Nigerian Agritech startup (YC S17)

Founders:

- CEO & Co-founder: Ikenna Nzewi

- CTO & Co-founder: Uzoma Ayogu

- CGO & Co-founder: Isaiah Udotong

Investors:

- Samurai Incubate Africa

- Consonance Investment Managers

- Stephen Pagliuca (chairman of Bain Capital)

- Jeff Ubben (board member at World Wildlife Fund and founder of Inclusive Capital Partners)

‍How much funding did they receive?

$3.3m in a pre-Series A funding round

When?

January 2023

Where in the World?

Lagos, Nigeria

Fun Funding Fact

Releaf has processed over 10 million kilograms of palm nuts since launching Kraken in 2021.

The Big Picture

• Releaf is "Industrializing African food processing starting with sustainable oil palm"
• The funding will be used to launch two new technologies: Kraken II, a mobile and more affordable version of Releaf's palm nut de-sheller machine; and SITE, a geospatial mapping application that reveals food processing assets.
• Releaf's focus on value chains, where smaller factories are set up near smallholder farmers, allows for better processing yields and cheaper logistics costs.

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