Aquaconnect, an India-based aquaculture management platform, secured $15 million in Series A funding.
The round was led by Lok Capital, with participation from Louis Dreyfus Company Ventures and Suneight Investment. Existing investors AgFunder, Omnivore, Rebright Partners, Flourish Ventures, and HATCH, along with other debt investors, also participated.
Aquaconnect will use the new capital to build up its product portfolio for both pre-harvest and post-harvest services.
Company founder and CEO Rajamanohar Somasundaram, said these numbers have helped Aquaconnect “scale phenomenally” throughout six major aquaculture production states in India, including Andhra Pradesh, Gujarat, Odisha, and Tamil Nadu.
The Aquaconnect mobile app provides smallholder producers with a variety of tools and services across the value chain. Fish and shrimp farmers can access advisory services to increase farm productivity, manage elements like water quality and aquatic health, and connect with formal banks for financing.
The platform also includes a marketplace, where producers can buy inputs, and the “Aquabazaar,” which matches farmers with prospective buyers.
Company: Coastal Aquaculture Research Institute Pvt Ltd
Raised: $15.0M
Round: Series A
Funding Month: December 2022
Lead Investors: Lok Capital
Additional Investors: Louis Dreyfus Company Ventures, Suneight Investment, AgFunder, Omnivore, Rebright Partners, Flourish Ventures, and HATCH
Company Website: https://aquaconnect.blue/
Software Category: Aquaculture Management platform
About the Company: Founded in 2017, Aquaconnect is a full-stack aquaculture input and outputs platform with embedded fintech, supported by a phygital distribution network. Aquaconnect works with 60,000+ fish and shrimp farmers, farm input producers, financial institutions, and seafood buyers using AI and satellite remote sensing to increase productivity, provide efficient market linkages, and improve predictability and transparency in the aquaculture value chain.
Source: https://agfundernews.com/aquaconnect-raises-15m-to-digitize-indias-aquaculture-supply-chain-for-smallholder-farmers