(Ecofin Agency) - Alitheia IDF, a private equity fund dedicated to African SMEs, has led a $3 million Series A investment in ReelFruit, a Nigerian high-end dried fruit company. The agribusiness company will use the money to acquire a new factory, boost its dried fruit production and exports, and develop new products.

“Alitheia IDF is proud to support ReelFruit's ongoing efforts to boost food production in Nigeria and positively impact communities through deliberate partnerships with local farmers, distributors, and retailers,” said Tokunboh Ishmael, Alitheia IDF co-Founder. The investment comes almost two years after the Fund launched a technical assistance and financing program for growth-stage companies that seek to expand their activities.

The investor is a joint venture between Nigeria's Alitheia Capital and South Africa's IDF Capital. It is mainly active in six African countries (Nigeria, South Africa, Ghana, Zambia, Zimbabwe, and Lesotho) and targets local companies operating in the agribusiness, consumer goods, and financial services sectors.

The women-led vehicle has built up a portfolio of SMEs that are mostly run by women. Accessing financing remains a challenge for SMEs in emerging countries, however, they provide about 80% of employment.

Chamberline Moko