Nigerian ReelFruit Emerges Winner of N18.1m Accelerator Funding Program
Nigerian Agritech Startup, ReelFruit has been selected after due process, as one of the two winners of $50,000 funding from the Village Capital Accelerator program.
Reelfruit and nine other startups from across Africa were selected to be a part of the just-concluded program which focused on startups whose solutions addressed food security issues and improved results for small farmers on the African continent. At the end of the competitive processes, Village Capital selected Reelfruit from Nigeria and Complete Farmer from Ghana according to its peer-selection model. Each startup will receive the monetary funding from the accelerator.
Reelfruit produces a wide range of dried, healthy fruits and nuts snacks. These snacks are sold across hotels, schools and over 250 retail supermarkets in the country. The products are made from fruits which include mango, pineapple, cashew, banana, etc.
So, asides producing nourishing foods, its preservation model ensures that the company is contributing its own quota in ensuring that wastage of those perishable agricultural products is minimised.
Speaking about the accelerator’s just concluded round, the regional manager for Village Capital, Adedana Ashebir narrated how impressive Reelfruit was all through the processes. “I’m especially proud of ReelFruit and Complete Farmer who consistently impressed their colleagues throughout the peer due diligence process.
He went on to laud the African agritech culture as well as the entire program saying, “I’m thrilled about the Africa Agriculture 2019 programme and the fact we had representation from Zambia for the first time, a Senegalese company representing Francophone Africa, and nine ventures from seven countries.”
The Accelerator will not only provide funding for the startups, ReelFruit and Complete Farmer will also receive training to ensure that the business continues to make strides in the agricultural sector.