ImpactAlpha, September 28 – ReelFruit sources produce from local farmers for dried fruit snacks. The Lagos-based company’s $3 million Series A round will support a new factory, which will employ 200 people and produce 30 metric tons of dried fruit per month as the company gears up for exports to the U.S.
ReelFruit is also launching a farmer advisory services for its 250 mango and pineapple producers.
Alitheia led the round to boost food production in Nigeria “through deliberate partnerships with local farmers, distributors, and retailers,” Alitheia’s Tokunboh Ishmael said.
Samata Capital and Flying Doctor Healthcare Investment Company participated.
Nigerian agtech
Agrifood ventures still claim a small share of Africa’s venture capital funding. Among Nigeria’s successful agtech fundraises this year: Releaf’s $4.2 million raise for palm nut processing equipment and VeggieVictory’s pre-seed raise for its vegan meat product line.
Tomato processing venture Tomato Jos scored €3.9 million ($4.3 million) last year from impact investors Goodwell Investments, Alitheia, Acumen and VestedWorld.
