The insanity in private markets created perverse incentives for founders, says Kahn, managing partner of the agritech-focused venture capital firm.
In April 2022, Moneycontrol reported that the firm plans a first close of the new fund by September 2022 and a final close by June 2023.
In a statement shared on November 30, AgFunder and Omnivore said the deal activity for agri-foodtech startups also increased to 234 deals in FY22 compared to 189 deals in FY21.
Agritech continues to attract investors who say the nascent sector has potential to grow on rising demand for quality food amid tailwinds like climate change and food security concerns.
The startup plans to use the seed funding for talent acquisition, launching raw material financing, and piloting exports.
Loopworm, in a statement, said it plans to use the seed funding for talent acquisition, research and development (R&D) including building laboratories, and to launch its first factory in North Bengaluru for scaling up production.
With the newly launched fund, Omnivore will focus on catalysing climate action in agriculture, backing startups that are addressing India’s GHG emissions, and securing the future of India’s farmers.
The company raised this fund in pre-Series A round led by 3one4 Capital with participation from existing investors Omnivore and Wavemaker Partners, Fasal said in a statement.
The new financing will go towards expanding Doodhwala's service into new markets, funding talent acquisition and upgrading technology, the company said in a release. It also said Reihem Roy, Principal, Omnivore will join the board.