Nigerian Agritech Startup Releaf Raises USD 3.3 Mn Pre-Series A

Nigerian agritech startup, Releaf has today announced the completion of a USD 3.3 Mn pre-Series A round led by Samurai Incubate Africa. Consonance Investment Managers, Stephen Pagliuca, Chairman, Bain Capital, and Jeff Ubben, Founder, Inclusive Capital Partners, also invested. The new funding will support the launch of two new technologies: Kraken II, a portable version of its award-winning palm nut de-sheller, and SITE, a geospatial mapping application that informs the most profitable positioning of food processing assets.

The startup’s proprietary hardware improves the availability and quality of raw materials for food manufacturers, while its sourcing software connects them with over 2,000 smallholder farmers. Releaf also uses digital technologies including USSD and open banking to work seamlessly with its network of smallholder farmers. Releaf will use this dynamic data set to train Reinforcement Learning Models in SITE that identify the most optimal positioning of supply chain infrastructure for consumer goods manufacturers, creating an effective link with Africa’s decentralized farming system.