News & Events

SEP 2021 NEWS GREGORY YINKA-GREGG, KAREEMAT IJAIYA, ABISOLA AKINYEMI AND AYODEJI OYETUNDE

Aluko & Oyebode (the “Firm”) is pleased to have advised Alitheia IDF on its investment in the US$3million Series A funding round by ReelFruit, a fast-growing brand involved in the manufacturing and distribution of processed dried fruits and beverage products.

Under the investment round, Alitheia IDF led other investors with an investment of US$2million. The investment round secured investments from other groups of investors, including Samata Capital and Flying Doctors Healthcare Investment Company.

The investment proceeds will be channelled towards ReelFruit’s expansion strategy to boost its fruit yields and maintain a steady supply of high-quality raw materials, including the acquisition of a new factory to accommodate the projected increase in its dried fruit production from 6 metric tons to 30 metric tons. This expansion strategy is in furtherance of the increasing demand for new varieties of ReelFruit’s products in the local and international markets.

Alitheia IDF is a pioneering private equity fund which invests and grows SMEs led by gender diverse teams, particularly in sectors that engage a significant percentage of women. The fund adopts a proactive gender-smart strategy to fund female founders with innovative and scalable businesses.

The Firm’s transaction team was led by Ayodeji Oyetunde, a Partner in the Firm’s Private Equity/Venture Capital practice and he was assisted by Associates, Abisola Akinyemi, Kareemat Ijaiya and Gregory Yinka-Gregg.