African startup Releaf is making steady progress with its production technology.

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16:50 | 9 January 2023

African startup Releaf is making steady progress with its production technology.

Releaf, a Nigerian agro-tech startup that specializes in peeling palm nuts from their shells to extract high-quality vegetable oil, conducted a pre-Series A round for $3.3 million.

In September 2021, the company held a seed round, receiving $4.2 million at the time. The project is heavily backed by pan-African venture capital firms Samurai Incubate Africa, Future Africa, Consonance Investment Managers and individual investors such as Steven Palyuka, chairman of Bain Capital, and Justin Kahn of Twitch.

A special feature of Releaf technologies is the creation of supply chains, which, by building special factories next to farms, give high productivity and reduce logistics costs.

The founders are two Nigerian Americans, Ikenna Nzewi and Uzoma Bailey Ayogu. Before focusing on the oil palm sector, they traveled to more than twenty states to study treatment methods for various crops and to identify inefficiencies that could be addressed with new technologies.

The company has now patented several Kraken and SITE technologies that allow farmers to produce high-quality palm oil from low-quality palm nuts.

Image Credits: Releaf

#Releaf #VC #News #Africa #Startup

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