Releaf, an agri-tech startup led by Nigerian entrepreneur Ikenna Nzewi, has raised $3.3 million in a pre-Series-A funding round led by Samurai Incubate Africa, which also participated in the startup’s $4.2 million seed round in 2021.
Releaf was founded in 2021 by Ikenna Nzewi and Uzoma Ayogu, with a mission to accelerate one of the greatest economic opportunities globally while ensuring inclusive results for the planet, farmers, food factories, and consumers.
The $3.3 million in funding from Samurai Incubate Africa funds, with participation from Consonance Investment Managers, will be used to support the launch of two new technologies: Kraken II, a portable version of Releaf’s award-winning palm nut de-sheller, and SITE, a geospatial mapping application that assists in determining the most profitable positioning of food processing assets.
Rena Yoneyama, managing partner at Samurai Incubate Africa, said Releaf’s success with its pilot, Kraken, had validated its thesis. “We are excited to continue supporting their ambitious vision to create efficient supply chains within Africa’s agricultural markets,” she said.
Ikenna Nzewi, the CEO and co-founder of Releaf, said he was thrilled to announce that the agri-tech startup has secured $3.3 million in an oversubscribed Pre-Series A funding round to launch a portable version of Kraken, our award-winning palm nut de-sheller and SITE, a geospatial mapping application that informs the most profitable positioning of food processing assets.
“These technologies are the next steps in our plan to fundamentally transform the efficiency of agricultural supply chains in Africa, and we are excited,” the Nigerian entrepreneur wrote in a LinkedIn post seen by Billionaires.Africa.
Releaf focuses on value chains where smaller factories are set up near smallholder farmers, it helps FMCG manufacturers access high-quality ingredients. Starting with sustainable oil palm in Nigeria, the startup develops technology to enable decentralized purchasing and processing of raw crops to improve profitability and prevent post-harvest loss for a more climate-resilient future.
Since launching in 2021, Releaf has used its supply chain technology to process more than 10 million kilograms of palm nuts and grown its monthly revenue sevenfold year-on-year.
The startup, under Nzewi, a top-performing Nigerian entrepreneur and supply chain expert, has also secured more than $100 million in supply contracts from leading consumer goods manufacturers such as Presco, PZ Cussons, and others. Since its seed round, the company’s valuation has tripled.
