Mumbai Angels, a platform for private investments, has announced it has invested Rs 4.39 crore along with other investors in Bengaluru-based Woolly Farms, a consumer-first agricultural ecosystem built within and around urban areas with consumer participation.
The round also saw the participation of Callapina Capital, Malabar Angels Network and Mentorous Ventures.
Woolly Farms will use the funding to build its technology platform with an NFT ecosystem for consumers to participate in farm constructions built on Blockchain technologies, and IoT-driven farms that enable centralized monitoring systems to manage farms at scale, and bolster sales and marketing efforts.
“As an agrarian country, farming is at the core of the Indian economy that requires sustainable farming intervention on a priority. Woolly Farms has built a unique platform that ensures sustainable farm production of organic and affordable vegetables, especially off-season greens, through its consumer/producer participation approach based on a decentralized finance model. I am confident that the fresh funds will enable Woolly Farms to widen its reach as it scales up itstech infrastructure and business in different geographies,” said NandiniMansinghka, Co-Founder and CEO of Mumbai Angels.
“Agriculture contributes 17 percent to the global warming cause. But it’s important to understand that no business can sustain itself without having sustainability as a critical pillar. Without designing our systems for mass adoption of products from climate-friendly systems, the movement of sustainability would fail. The funding will allow us to bolster our infrastructure and expand our customer reach and footprint,” added Bushair, AP, Co-Founder, and CEO of Woolly Farms.
“It is time for a different approach. With vertical farming (using hydroponics), Woolly is doing exactly that - solving for multiple challenges faced by traditional farming at once,” commented Vinod Jose, MD ofCallapina Capital.
Woolly Farms’ Consumer first agriculture ecosystem aims to construct sustainable farms, co-owned by the consumers, in urban areas. With financial contributions ranging from Rs 10,000 upwards, consumers are also engaged in responsible urban farming through volunteering contributions in technology, farm works and agri knowhow, in return for entitlement of fresh farm produce. Adoption of technologies, such as zero soil usage, farming on the top of high-rise buildings, use of 95 percent less water consumption compared to traditional farming are a just few solutions, among others, that have been garnering the interest and the support of today’s green-conscious customers at a faster pace.