Startup Idea and Innovation for Releaf.africa
Releaf is a private American-Nigerian company created to help develop and industrialize the processing industry in African countries. Releaf currently has 29 employees and 17 investors.
It is focused on the agricultural and manufacturing industries, particularly in the oil palm segment. Its main goal is to help create optimal conditions and efficient operations for food factories in Africa.
The company’s primary clientele are farmers and factories aiming to help transform nations through food processing industrialization with the help of technology that allows seamless supply chain, data-driven decisions, strategic use of resources, mechanization, and digitalization.
One of its focus sectors is palm, which is a key component in its economy and agriculture. Through its empowering model of wild palm farming, the company seeks to work with smallholder farmers to develop a sustainable solution to some of the most pressing concerns about palm farming.
Startup Timeline and History for Releaf.africa
- 2015 – Releaf was founded by American-Nigerian cousins from different Ivy League schools through The Releaf Group [1]
- 2016 – The team joined an accelerator or incubator program as a startup [2]
- 2017 – A product crowdfunding was launched. The team also participated in the MIT Innovation Initiative [3].
- 2019 – The company joined Y Combinator’s incubator program [4]. It also acquired funding during a seed round.
- 2020 – Received venture capital during a later stage VC.
- 2021 – Received funding during a seed round, as well as through a grant.
Founders and Key People
Ikenna Nzewi
Ikenna Nzewi is one of the co-founders and the chief executive officers of Releaf. He studied computer science at Yale University. He started his entrepreneurial practice when he co-founded Urban Improvement Corps. Then, he went on to become an associate consultant at Bain & Company.
Uzoma Ayogu
Uzima Ayogu is a co-founder and the CTO of Releaf. He went to summer school at Beijing Language and Culture University and obtained a Bachelor of Science diploma in Mechanical Engineering from Duke University. He participated in the Congressional Black Caucus Foundation as a US-China Emerging Leaders Study Delegate, then became a research scientist at Intelligent Robotics. He was also a Product Support and Design Engineer at GE Aviation.
Isaiah Udotong
Isaiah Udotong is a co-founder of Releaf with a Bachelor’s degree in Mechanical Engineering with a concentration in Global Development and Philosophy from the Massachusetts Institute of Technology. While studying, he worked at Facebook as a Software Engineering Intern.
Funding Sources and Financial Profile
Releaf is known to have a total funding of $5.7 million [8]. This total amount was obtained through the years, starting from its product crowdfunding in 2017 where it raised $6.64K. Then, it received $25K through the MIT accelerator program, $120K from the Y Combinator incubator program [9], and $4.2 million during the 2021 seed round and grant [10].
This B2B company offers custom rates for its digital and physical infrastructure. Customers need to get in touch with the company to know more.
Major Competitors
- Kijenge Animal Products – https://www.crunchbase.com/organization/kijenge-animal-products
- Kariki Group – https://www.crunchbase.com/organization/kariki-group
- Mtanga Foods – https://www.crunchbase.com/organization/mtanga-foods
References:
[1] https://www.releaf.africa/our-story#os-a
[2] https://pitchbook.com/profiles/company/184191-85#overview
[3] https://innovation.mit.edu/pathway-post/releaf/#pathway-process
[5] https://www.linkedin.com/in/inzewi?originalSubdomain=ng
[6] https://ng.linkedin.com/in/uzomabayogu
[7] https://www.linkedin.com/in/isaiahudotong/
[8] https://www.crunchbase.com/organization/releaf
