Indian aquaculture startup Aquaconnect has announced it raised $4 million in pre-series A funding round, bringing its total funding amount to $5.1 million.
The funding round was led by Albright Partners and Flourish Ventures, counting with the participation of AgFunder, 6G Capital, Omnivore, and HATCH, some of which were existing investors.
Aquaconnect Founder and CEO, Rajamanohar Somasundaram, referred to the recent investment round by commenting,
“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.”
Rajamanohar is an Indian Institute of Technology alumnus who was named by the World Economic Forum as one of the “Young Global Leaders 2021”, gained the “TED fellow” status in 2016, has earned several fellowships, and other local prizes
Aquaconnect said the funds will be used to further develop its geographic information system product while also expanding its farm advisory and financial services. The startup is also looking for strategies to boost export volumes through its platform.
After the successful round, Aquaconnect is planning to launch its Series A funding round over the next 6 to 9 months.
This will give investors the opportunity to capitalize on its technology, which connects more than 30 thousand local fish and shrimp farmers in the regions of Andhra Pradesh, Odisha, Gujarat, and Tamil Nadu with the global economy via a unique suite of tools.
Aquaconnect’s mobile app makes use of Artificial Intelligence Software as a Service (SaaS) tools that improve pond management, financial services, operations support, and global networking capabilities to allow its users to easily export their products.
The aquaculture startup was founded back in 2017 and has been the recipient of prestigious industry awards such as the Federation of Indian Chambers of Commerce & Industry (FICCI) best application of digital technologies in aquaculture sector