ReelFruit, Nigeria’s leading dried fruit snack company, announced today that it has raised $3 million in Series A funding.
In the first year, the high-quality dried fruit company will use the investment to expand product offers, production, and exports to the United States and other foreign markets.
Alitheia IDF led the funding round with a $2 million investment, and other investors included Flying Doctor Healthcare Investment Company and Samata Capital.
Speaking on the round and how it will help scale production, Affiong Williams, CEO/Founder, ReelFruit, said, “This investment takes ReelFruit to the next level. We can meet increased demand for our products and tackle one of our biggest challenges – raw material supply. We’re thrilled that this will unleash a greater impact on our value chain by increasing farmer incomes and creating up to 300 decent jobs for Nigerians.”
Tokunboh Ishmael, Co-Founder, Alitheia, spoke on the perceived impact the partnership will have in Nigeria’s food production sector “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.
The investment will strengthen the company to unlock further growth, upskill farmers and improve economic outcomes for thousands of women who play a significant role in the production of ReelFruit’s products.”
ReelFruit intends to enhance production by purchasing a factory in Ogun State as part of its expansion plans. It presently employs about 85 people, and in its first year, the plant plans to hire over 200 people.
In order to expand its existing cooperation with Nigerian fruit farmers, ReelFruit will acquire high-quality raw materials and establish an agro-extension services program for 250 registered pineapple and mango producers.
The agro-extension services program will assist the manufacturer maintain a consistent supply of high-quality raw materials while also increasing fruit yields.
To address the strong demand for its products, Reelfruit will expand its local and international sales channels by opening an e-commerce channel for direct US sales and unlocking new B2B prospects, such as co-packing and white-labelling, to assist the national push for import substitution.
As a result, local buyers will be able to buy dried fruit locally, reducing reliance on imports.
Since its launch in 2012, ReelFruit has been a market leader and pioneer in the dried fruit snack sector.
Its goal is to provide tasty and healthy snacks to clients all around the world.
ReelFruit has a factory in Yaba, Lagos, and sells its products in over 450 stores around Lagos, Port Harcourt, and Abuja. It’s also been sold in the United States, Switzerland, and Saudi Arabia.
The renowned Gently Dried Mango, Sweetened Coconut Flakes, and Fruit & Nut Mix are among the company’s best-selling products.