Nigerian dried fruits startup, ReelFruit, announced that it has closed a $3million Series A investment to scale its production. The funding round was led by Alitheia IDF who invested $2million while other investors include Samata Capital and Flying Doctor Healthcare Investment Company
The dried fruit snack brand intends to use the funds to scale its dried fruit production, develop new products, and increase exports by 10 x to 15 MT in the first year.
ReelFruit intends to acquire a new factory in Ogun State to increase its monthly dried fruit production from 6 metric tonnes to 30 metric tonnes. The factory will hire over 200 people in its first year and ReelFruit will continue to innovate new products for the local and international markets.
Founded in 2012 by Affiong Williams, ReelFruit is available in over 350 stores nationwide. It has grown from 2 products since inception to 11 products exporting to the US, Saudi Arabia and Switzerland.
As part of its efforts to secure high quality raw materials, ReelFruit plans to deepen its existing work with Nigerian fruit farmers. The company will form an agro-extension services program for 250 registered mango and pineapple producers. The program will boost fruit yields and help support a steady supply of high quality raw material for the factory.
The company intends to launch an e-commerce channel for direct US sales by 4Q21. ReelFruit will also unlock more B2B opportunities including white-labelling and co-packing to support the national drive toward import substitution. Local buyers will be able to buy dried fruit locally thereby reducing dependence on imports. Reelfruit is already on track to double last year’s revenues by November 2021.
“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,” Affiong Williams, ReelFruit CEO/Founder.
“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,” said Tokunboh Ishmael, Alitheia IDF co-founder.
