SSE Angel Network (SSEAN) has announced an investment into KR Foods – a Palm Oil processing Startup using special tamper proof and bar code technology to fight adulteration of the product in Nigeria’s unregulated mass market, safeguarding and protecting consumers from health hazards that includes Cancer.
KR Foods is the winner of the Startup Pitch Contest at #StartupSouth5 Conference organized by #StartupSouth in partnership with SSEAN at Uyo in 2019.
Palm Oil, an essential food preparation ingredient in Nigerian/African kitchens is widely adulterated and fingered as the major source of several health issues, including cancer.
Experts estimate over 85% of Palm Oil bought in the open Market is adulterated with Sudan Red G (Sudan III) – a carcinogenic substance.
KR Foods leverages technology to ensure every Oil bottle bought by consumers is authenticated and traceable.
Speaking about the deal, the company’s CEO, Kingsley Amajuoyi, stated that the raise “will enable us increase capacity from 3.5k to 15k bottles monthly and improve access to the product in the 5 cities we presently serve and support our plans to expand geographically to additional 15 cities within the next 2 years
Olushola Aina, a member of SSEAN in a statement said that “the network is excited to support the hardwork and vision of the KR Foods team. We are glad to see Kingsley take on this very important fight of Palm Oil adulteration and we believe they’d succeed – hence we are aligning with them.”
What you should know about SSEAN
SSE Angel Network Members mentor, support and invest in founders (especially those in the South-South/South-East, Nigeria) building innovative businesses that provide jobs, opportunities and contribute to the prosperity and development of our Country.
#StartupSouth is a social enterprise and Startup (Innovation driven Entrepreneurship) ecosystem development organization.