Nigerian Agritech Startup Releaf Secures USD 4.2 Mn To Scale Technology

Releaf, a Nigerian startup that develops unique hardware and software solutions to advance the industrialization of food processing in Africa, has raised USD 4.2 Mn in seed equity and grant funding to support the development and scaling of oil palm technology solutions.

The round was led by Samurai Incubate Africa, Future Africa, and Consonance Investment Managers with participation from Stephen Pagliuca, chairman of Bain Capital, and Justin Kan of Twitch. The startup has also secured USD 1.5 Mn in grants from The Challenge Fund for Youth Employment (CFYE) and USAID.

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.