Indian startup Aquaconnect raises USD 4 million in latest funding round
Indian aquaculture startup Aquaconnect has raised USD 4 million (EUR 3.4 million) in a pre-Series A round from a number of investors, The Times of India reported 14 July.
The round was led by Rebright Partners and Flourish Ventures. AgFunder, 6G Capital and existing investors Omnivore and HATCH also participated in the round.
The funds will be used to enhance its geographic information system-based product, expand farm advisory and financial services, and boost export volumes through its platform.
Aquaconnect plans to launch its Series A fundraising round in six to nine months.
The technology startup connects more than 30,000 local fish and shrimp farmers in several states to smart farm management tools, financial services, and customers to support their operations. It also provides a solution to help farmers sell their products to customers in other countries.
“The recent investment from marquee investors like Rebright, Flourish, AgFunder, and others is a strong validation of our goal to become India’s largest aquaculture value chain aggregator, and will help us scale up in both size and scope,” Aquaconnect Founder and CEO Rajamanohar Somasundaram said.
Other seafood startups in India have also secured funding from various investors to support their expansion recently.
Bangalore, India-based e-commerce food startup Licious earlier this month raised USD 192 million (EUR 162.6 million) in a Series F fundraising round. The round was led by investment firm Temasek from Singapore and India-based Multiples Private Equity. The other investors included Brunei Investment Agency, existing investors 3one4 Capital, Bertelsmann India Investments, Vertex Growth Fund, and Vertex Ventures Southeast Asia and India.
Licious’s biggest competitor, FreshToHome, raised USD 121 million (EUR 102.4 million) in Series C funding to aid its expansion plan in October 2020. The funding round was led by Investment Corporation of Dubai (ICD) – the principal investment arm of the government of Dubai – as well as private equity companies Investcorp and Ascent Capital. The U.S. International Development Finance Corporation (DFC), the U.S. government's development finance institution, the Allana Group, and other investors also participated in the round.