ReelFruit a Nigeria based premium dry fruit snacks manufacturing company has raised a Series A investment of US$3 million to expand its production, increase its product offerings and grow twice its exports to the US and other markets globally.
The funding round was led by Alitheia IDF which invested 67 per cent or US$2 million, while other investors including Samata Capital and Flying Doctor Healthcare Investment Company also took part in the round.
Founded in 2012, ReelFruit pioneered the dried fruit snack industry in Nigeria and remains its market leader. The company operates a factory in Yaba, Lagos, and retails in over 450 outlets in Lagos, Abuja and Port Harcourt.
The premium nutritious snacks maker plans to acquire a new factory in Ogun State to increase its monthly dried fruit production from 6 MT to 30 MT. The factory will hire over 200 people in its first year. With its greater supply of dried fruit, ReelFruit will continue to innovate new products for the local and international markets.
As part of its expansion plan, ReelFruit will scale its dried fruit production, develop new products, and increase exports by 10 x to 15 MT in the first year.
“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.
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.