Startup Aquaconnect raises $4 mn funding in pre-Series A round

Startup Aquaconnect raises $4 mn funding in pre-Series A round

PTIUpdated: Tuesday, July 13, 2021, 02:20 PM IST
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Aquaconnect's full-stack platform provides a 360-degree solution for aquaculture farmers. | NikolayFrolochkin

Aquaconnect, a startup firm that works with aqua farmers, on Tuesday said it has raised $4 million (about Rs 29.7 crore) in a funding round led by Rebright Partners and Flourish Ventures.

AgFunder and 6G Capital also participated in the pre-Series A round, along with existing investors Omnivore and HATCH, a company release said.

Aquaconnect's full-stack platform provides a 360-degree solution for aquaculture farmers.

Aquaconnect Founder and CEO Raj said, "We will deploy the fresh capital to scale our farm advisory, financial services, and marketplace for seafood exports." The recent investment from marquee investors like Rebright, Flourish, AgFunder, and others is a strong validation of the company's goal to become India's largest aquaculture value chain aggregator, and will help us scale up in both size and scope, he added.

The startup plans to use this pre-Series A funding to strengthen their GIS-enabled fintech product development and accelerate the volume of exports flowing through the platform. It intends to launch its Series A round in six to nine months.

Commenting on the investment Brij Singh, General Partner of Rebright Partners, said, "we are backing Aquaconnect to help enable digital transformation in India's aquaculture industry by supporting all stakeholders to increase exports of high-quality seafood with traceability to key markets like Japan."

Anuradha Ramachandaran, Investment Director of Flourish, said: "Raj and his team have developed a platform that uses data and technology to help farmers maximize their income, access financial services and connect with customers."

Aquaconnect currently works with over 30,000 aquaculture farmers across Andhra Pradesh, Odisha, Gujarat, and Tamil Nadu.

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