ReelFruit, a premium dried fruit firm recognized for its high-quality healthy snacks, has raised a $3 million Series A investment.
The funding was led by Alitheia IDF with a $2 million investment; other investors in this round include Samata Capital and Flying Doctor Healthcare Investment Company. ReelFruit was advised by New Practice on the deal.
ReelFruit will use the funds to expand its dried fruit production, develop new products, and grow exports by 10 times to 15 MT in the first year.
As part of its expansion plans, ReelFruit will purchase a new plant in Ogun State to boost its monthly dried fruit output from 6 MT to 30 MT. In its first year, the plant will employ around 200 employees. The company will continue to create new products for local and international markets with its increased supply of dried fruit.
The dried fruits company also intends to expand its existing collaboration with Nigerian fruit farmers in order to acquire high-quality raw materials. For 250 registered mango and pineapple farmers, the company will create an agro-extension services program. The initiative will help the company maintain a constant supply of high-quality raw materials by increasing fruit harvests.
ReelFruit will broaden its local and worldwide sales channels to fulfil the high demand for its dry fruit snacks. By Q4 of 2021, the company plans to create an e-commerce platform for direct US sales. To assist the national effort toward import substitution, ReelFruit will also open up more B2B options, such as white-labelling and co-packing.
By November 2021, Reelfruit expects to have doubled its sales from the previous year as its product’s will be available for local purchase, decreasing reliance on imports
What they are saying
Affiong Williams, ReelFruit CEO/Founder 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, Alitheia IDF co-founder said “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.”