The distance between their farms and the nearest processor is key for smallholder farmers who need to process their crops. And though Nigeria’s food processing systems have a keen resemblance to the West with respect to big factories and huge economies of scale in high-demand cities, farmers still suffer from poor logistics networks.
With distance and logistics problems, farmers’ crops can go bad and when factories buy them, it affects their processing yields and price. Farmers, witnessing post-harvest loss, also get paid less and miss the opportunity to invest in their crops production.
Nigerian agritech startup Releaf is solving this by building proprietary hardware and software solutions to make these farmers and food factories more efficient and profitable. Today, the company is announcing that it has raised $2.7 million in seed and grants towards this effort.
Pan-African focused venture capital firms Samurai Incubate Africa, Future Africa and Consonance Investment Managers led the round. Individual investors like Stephen Pagliuca, the chairman of Bain Capital and Justin Kan of Twitch also participated.
In addition to the seed round, the agritech startup secured $1.5 million in grants from The Challenge Fund for Youth Employment (CFYE) and USAID.
Founded by Ikenna Nzewi and Uzoma Ayogu, Releaf …read more
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