Indian greenhouse agritech startup Clover announced that it has raised more than US$5.5 million in a series A funding round from VC firm Omnivore and existing investors Accel and Mayfield.
Accel and Mayfield previously invested in Clover’s seed round in December 2018 when the startup was still in stealth mode.
Photo credit: avemario / 123RF
“This additional funding will help to accelerate the growth of our managed farm network, support our entry into new cities, and diversify our B2B and B2C fresh produce offerings,” said Clover’s co-founder Avinash BR in a statement.
Co-founded by Avinash, Gururaj Rao, Arvind Murali, and Santhosh Narasipura, the Bangalore-based startup partners with farmers across India and market greenhouse-grown fresh produce through B2B and B2C channels.
Clover’s business model centers around demand-led cultivation, which allows it to grow fresh produce for specific and predictable client demands. Its managed farm network of greenhouses are based in peri-urban and rural areas to ensure freshness and reduce spoilage. It also provides a full-stack agronomy solution to the greenhouse farmers in the network.
“We believe that Clover is building India’s first fresh produce supply chain adapted to the challenge of climate change. By leveraging peri-urban greenhouses, Clover can deliver the highest quality vegetables and fruits to B2B and B2C consumers in India’s largest metro areas,” said Mark Kahn, managing partner at Omnivore.
The agritech sector recorded a total funding of US$244.59 million in India in 2019, reflecting an increase of 350% from the previous year, according to data from Inc42. The report also said that agritech shareholders complained that the sector’s growth is held back by a lack of government support, a shortage of structured data, fewer large investments, poor infrastructure, and policy lag.
Another local agritech player looking to address issues in the space is WayCool Foods. It just raised US$32 million in a series C funding round led by Lightbox.
Editing by Charmaine de Lazo
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