ReelFruit accrues $3 million Series A funding to widen its dried fruit production

ReelFruit, which is a premium dried fruit firm well known 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 contributed. 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.

 

Source: Nairametrics