Finance

Nigeria: Agritech startup Releaf secures $4.2mln expansion fund

Nigeria: Agritech startup Releaf secures $4.2mln expansion fund
Friday, 17 September 2021 15:36

Nigerian agritech startup Releaf announced this week that it has closed a $2.7 million round of funding. The resources will help address logistics and processing yield issues. The startup received an additional $1.5 million in funding from the Challenge Fund for Youth Employment (CFYE) and USAID.

Founded by Ikenna Nzewi and Uzoma Ayogu, the start-up has designed software that connects to more than 2,000 smallholder farmers. The technology receives farmers' supply requests via USSD technology, a protocol that triggers a service by sending a message.

According to Ikenna, this round of funding allows Releaf to develop and test its technology with smallholder oil palm farmers. “We took a much more broad approach to what the solution would be, but we wanted to decide on a specific crop to work in. And we found that opportunity in the oil palm sector,” said Ikenna Nzewi.

“Nigeria has about 60% more demand for vegetable oil than it does supply. And it cannot be met due to supply shortfall with imports because the government banned the importation of vegetable oil. So there is a need to take these smallholders who are driving 80% of production and make them more efficient so that we can have a better balance of supply and demand for vegetable oil,” he added.

Releaf’s fund mobilization was supported by pan-African venture capital firms such as Samurai Incubate Africa, Future Africa and Consonance Investment Managers, and investors such as Stephen Pagliuca (chairman of Bain Capital) and Justin Kan (co-founder of Twitch).

On the same topic
Nigerian billionaire adds $5.78 billion to his fortune in under four months Gains driven by strong stock performance of BUA Cement and BUA...
Gozem is in talks with the IFC for €21 million to expand in four countries Funding would support vehicle financing and the “Drive-to-Buy”...
Fitch affirms Cameroon at “B”, outlook negative Growth steady, debt contained; governance and political risks persist New vice-presidential role seen...
UBA's Nigerian home market posted a 1.7 billion naira ($1.1m) pre-tax loss in 2025, against a 364 billion naira profit a year earlier A 117 billion...
Most Read
01

Enko Capital acquires Servair’s fast-food unit in Côte d’Ivoire, including the Burger King franchi...

Enko Capital Buys Burger King Côte d’Ivoire in Servair Restructuring
02

Mediterrania Capital bought Australian Amcor's Moroccan packaging unit Enko Capital took ov...

Two Other African-focused Private Equity Firms to Snap Up assets shed by Global Majors
03

Central bank to release $1 billion in cash to curb black market demand Move aims to ease inf...

Libya Opens Dollar Sales to Ease Pressure on Dinar and Prices
04

From eastern Chad, where measles and meningitis are spreading through overcrowded refugee camps, to ...

Weekly Health Update | Vaccination Gains Advance in Africa; Antimalarial Resistance Threatens Progress
05

As the Japanese automaker faces global headwinds, it is doubling down on its operations in Egypt, ai...

From South Africa to Egypt: Why Nissan is reshaping its African strategy
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.