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Releaf Secures $4.2M in Seed Funding, Grants to Drive Industrialization of Food Processing

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Releaf, an agtech start-up that develops proprietary hardware and software solutions that makes African farmers and food factories more efficient and profitable, has raised $2.7 million seed funding in a round led by Samurai Incubate Africa, Future Africa and Consonance Investment Managers with participation from Stephen Pagliuca, Chairman of Bain Capital and Justin Kan (Twitch).

Releaf also secured $1.5 million in grants from The Challenge Fund for Youth Employment (CFYE) and USAID.

The seed funding will enable the development of industrial food processing technology in Nigeria’s smallholder-driven Oil Palm sector while the grant will enable Releaf to provide working capital and other value-added services for smallholders and small-scale processors.

Grant funding will support the training, recruitment and retention of more women and youth in Nigeria Oil Palm sector through the creation of both digital and technical jobs.

Nigeria’s oil palm industry is dominated by smallholder farmers, with 80 percent of local market share.

However, production rates are low because many still rely on ineffective processes for de-shelling, including the use of rocks and inappropriate hardware. These ineffective processes also lead to low quality palm kernels which are largely unfit as input for high quality vegetable oil manufacturing.

As a result, food factories are unable to purchase these raw materials and operate significantly under capacity. On average, food factories have 3X more installed capacity than utilization, which impacts the cost of food and hampers further investment into processing capacity.

Releaf acts as a bridge between smallholder farmers and food manufacturing companies with its proprietary patent-pending machinery, Kraken. Kraken can process any quality of palm nut into premium quality (95 percent purity) inputs for food factories. Releaf’s software connects the start-up to more than 2,000 smallholder farmers, ensuring consistent, large-scale supply.

While palm kernel oil production is not foreign to Nigeria, Releaf’s technology and scale means it can process 500 tonnes of palm nuts per week.

The software offerings also allow the start-up to receive inbound supply requests from farmers via USSD, provide working capital financing as well as collect proprietary data on supply availability.

Speaking about the new funding, Ikenna Nzewi, CEO and co-founder of Releaf, said, “our mandate is to industrialize Africa’s food processing industry. This round of funding enables us to develop and prove our technology with smallholder farmers in the oil palm sector.

Given Nigerians spend ~60 percent of their income on food and Africa’s population is set to increase by 100,000 people per day over the next three decades, we’re presented with an incredible opportunity to feed more people, reduce consumer costs, and supply the fastest-growing food market in the world.

Releaf is committed to harnessing technology to accelerate the economic wealth of rural, agrarian societies throughout the Continent. We firmly believe that a robust real economy is the foundation for long-lasting and shared prosperity for Africans and are excited to deepen partnerships with like-minded organizations, governments, and firms.”

This new funding will enable better productivity and accelerate the eradication of the menial and archaic processes that are prevalent across Nigeria’s oil palm sector and the agriculture sector as a whole.

It will also enable Releaf to drive more value and profitability across the oil palm value chain, as well as support direct and ancillary job creation in the farming communities of South and Eastern Nigeria.

Rena Yoneyama, Managing Partner at Samurai Incubate Africa who led the round commented, “Releaf’s novel approach to operating within the value chain with proprietary technology set it aside from many agtech startups we have spoken to.

“We believe the firm’s thesis on decentralizing food processing would have a strong match with Africa’s economic development landscape for the next few decades. Ikenna and Uzo are the perfect founders to disrupt this market in Nigeria and beyond.

“We are thrilled to back them as they innovate in providing both agro-processing and financial services to rural communities and farmers.”

Iyin Aboyeji, General Partner at Future.Africa noted, “more than 50% of the goods in supermarkets globally contain glycerine – an extract made from palm oil – a cash crop that is passed down from generation to generation.

“The team at Releaf is building the agro-allied industry of the future from the ground up starting with palm oil which they have developed novel technology to aggregate, deshell and process into critical ingredients like vegetable oil and glycerine. Future Africa is delighted to back Releaf to build the future of modern agriculture”

Dr. Nneka Enwonwu, Country Relationship Manager, from The Challenge Fund for Youth Employment (CFYE) said, “We are thrilled to partner with Releaf on their mission to improve efficiency and profitability for farmers and food factories in Africa.

“The founders’ vision and the team’s enthusiasm gave us confidence that Releaf will deliver real value for rural communities and create digital/technical jobs for women and youth. We are looking forward to their results and success over the coming years and continuing to support their work.”


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MTN Nigeria’s Uto Ukpanah Named Global Corporate Secretary of the Year

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MTN Nigeria’s Company Secretary, Uto Ukpanah, is the first ever winner of the “Global Corporate Secretary of the Year” award by the Corporate Secretaries International Association (CSIA). She was honoured with the award at an event on April 23rd, 2024, in Kuala, Lumpur, Malaysia.

The CSIA Global Awards was instituted to recognise the efforts of corporate secretaries and governance professionals that not only impact their organizations but also international platforms. Of the three main award categories- Global Corporate Secretary of the Year, Rising Corporate Secretary of the Year and Governance Professional of the Year, Uto was awarded the Global Corporate Secretary of the Year for her hard work, diligence and professionalism by a distinguished jury of expert practitioners and thought leaders in the corporate governance field.

Karl Toriola, Chief Executive Officer, MTN Nigeria congratulating her on the recognition said, “At MTN, we understand the critical role strong governance plays in driving sustainable growth and fostering trust among stakeholders. Uto’s exemplary leadership underscores our commitment to upholding the highest standards of integrity and transparency. We are proud of Uto’s commitment to corporate governance. She deserves the recognition.”

Ukpanah, the pioneer winner of this award has worked with MTN Nigeria for over 18 years. She is a corporate lawyer with extensive experience in company and commercial law. Her contributions in developing sustainable corporate governance structures in the private, public and not-for-profit sectors have been instrumental in fostering transparency and ethical business practices.

Ukpanah’s dedication to ethics and corporate social responsibility advisory services has positioned her as a respected leader in the industry, driving positive change and setting high standards for corporate excellence. This is seen in her active participation on the ‘Code of Corporate Governance Committee,’ ‘9to5 Woman,’ ‘Bankers Committee on Corporate Governance’, among others.


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Sterling One Foundation Partners UNIDO, Others to Launch ESG Series

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The Sterling One Foundation, a non-profit organization dedicated to sustainable development and empowering professionals to drive social impact across Africa, has partnered with Price Waterhouse Coopers Nigeria, UNIDO-Investment Technology Promotion Office, Nigeria, Lagos Business School Sustainability Center, Sterling Bank, NGX Group, the Nigeria Employers Consultative Association and the Lagos Chamber of Commerce & Industry to unveil  the first edition of its Environmental, Social, and Governance (ESG) Series.

The partnership aims to support professionals in understanding, implementing, and reporting sustainability progress, in alignment with global standards.

According to a signed statement by the Foundation, the ESG Series was birthed following a workshop held at the 2023 edition of the Africa Social Impact Summit (ASIS) where it was discovered that there was a significant knowledge gap on the subject within the African development ecosystem as well as the private sector.

They commended all the excellent partners who have made the series possible noting that their commitment will strengthen professionals’ competencies in integrating ESG principles into organizational frameworks, and drive positive change while advancing the adoption of ESG principles and increased investment into the economy from local and global investors.

Over the years, Environmental, Social, and Governance (ESG) considerations have evolved from optional to essential for organizations, making the significance of incorporating ESG principles into business plans to enhance sustainability and corporate responsibility, for organizations an increased priority. Statistics indicate that ESG-focused institutional investments are projected to reach $33.9 trillion by 2026.

Through this series, the Foundation said it aims to demystify ESG concepts among the private, public, and development sectors in Nigeria and Africa while highlighting their tangible business benefits, to equip professionals with the knowledge and tools necessary for successful ESG integration in their organizations.

The one-day virtual event gives insight through in-depth sessions featuring thought leaders from private sector impact makers, development partners, international non-governmental organizations, and government agencies.


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Uche Ikejimba Secures Sixth Consecutive AMVCA Nomination With Best Unscripted M-Net Original Nod

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Uche Ikejimba, Award-winning producer, has secured her sixth consecutive Africa Magic Viewers Choice Award nod. The organizers made the nomination announcements on Sunday, March 24, 2024, across all Africa Magic channels. It saw Ikejimba clinch a nom in the ‘Best Unscripted M-Net Original’ category for What Will People Say.

In 2022, Ikejimba received two nominations for ‘Best Africa Magic Original Drama Series’ for Unmarried and Dilemma. She secured two other nominations in 2023 in ‘Best Unscripted Original’ for Come Play Naija and ‘Best Original Drama Series’ category for Unmarried.

Speaking about her latest nomination, Ikejimba said, “I’m very humbled and beyond grateful to be receiving my sixth consecutive AMVCA nomination. Anyone who knows me will acknowledge that I often put my blood, sweat and tears into the shows I produce. After Truth won its nomination in 2020, I’ve been holding on patiently for a second win and I hope this is the year. So, here’s my hearty congratulations to my fellow nominees and a huge thank you to the AMVCAs organisers for honoring me.”

Ikejimba is one of Africa’s most-sought after serial producers, and has earned herself the title, ‘Reality TV Series Savant’, with work on 100% Naija, Vodafone Icons, Naija Sings, Calabar Festival Diaries, Big Brother Reunion, Shoot Your Shot, What Will People Say, Come Play Naija, and the more recently airing Husband Material and Overall Best.

She came into the world of Television production as an associate producer on Moments with Mo, the first and only syndicated daily talk show in Africa at the time. However, she has also proven that her talents go beyond producing reality shows or unscripted serials, and she can run with the best in producing original drama series.

In 2016, she landed her first commissioned project with Africa Magic titled Hustle. The series about a young man’s first time in Lagos became an instant hit and ran for three seasons, with 360 episodes. She created, wrote and produced Blink’s original 26-episode drama series titled Truth. The show won an AMVCA for ‘Best TV Series’ in 2020. That same year, she produced and wrote the hit series, Unmarried. The show ran for four seasons and ended on a high.

Off the success of these drama series, she produced Africa Magic’s Dilemma, a 260-episode telenovela. She produced Shallow and the recent Africa Magic fanfavourite original, Manfriend. The show follows the women of the King family and their dysfunctional relationship with the men in their lives. She also produced Showmax’s first original law limited series, AGU in 2023. Her first feature length film, Phantom is a co-production and is also nominated for several awards such as the Toronto International Nollywood Film Festival (TINFF).

Uche Ikejimba has beaten many odds to become a producer and remained steadfast in her commitment to producing the best shows Africa has ever seen. As the continent prepares for the milestone 10th AMVCA, the Reality TV Series Savant and producer extraordinaire is content to celebrate her sixth consecutive nomination. Find out if she clinches her second AMVCA win when the awards air live across all Africa Magic channels on May 11, 2024.


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