Nigerian agtech raises seed financing from Samurai Incubate Africa and others

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Releaf, an agtech startup that develops hardware and software solutions, has raised seed financing in a mix of equity and grants to support its plans to develop industrial food processing technologies for the smallholder-driven oil palm sector. In total, the company has raised $4.2 million, made up of $2.7 million in equity and a further $1.5 million in grants from The Challenge Fund for Youth Employment and USAID.

The equity portion of the round was led by Samurai Incubate Africa, Future Africa, and Consonance Investment Managers. The additional participants included a couple of high-profile American angel investors, namely Stephen Pagliuca, the Chairman of private equity giant Bain Capital, and Justin Kan, the entrepreneur who launched several businesses including video platform Twitch. A representative declined to disclose the valuation terms of the deal but did confirm that none of the round’s equity investors are taking seats on Releaf’s board.

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