Aquaconnect, an aquaculture startup based in India, has raised US$4 million in a pre-series A round led by Rebright Partners and Flourish Ventures. AgFunder and 6G Capital also participated in the round, along with existing investors Omnivore and Hatch.
Aquaconnect plans to use the fresh funds to improve its fintech services and ramp up the volume of exports handled by its platform. the startup said it intends to conduct its series A round in the next six to nine months.
Aquaconnect CEO Rajamanohar “Raj” Somasundaram / Photo credit: Aquaconnect
“We will deploy the fresh capital to scale our farm advisory, financial services, and marketplace for seafood exports,” Aquaconnect founder and CEO Rajamanohar Somasundaram said in a statement.
Founded in 2017, Aquaconnect is a digital platform that caters to fish and shrimp farmers. It offers financial services, predictive software-as-a-service tools for pond management, and a marketplace to allow farmers to transact directly with farm input manufacturers and deal with banks, insurance companies, and certification bodies.
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The company also provides a post-harvest market linkage solution that helps farmers export their produce to buyers outside India. Aquaconnect currently works with over 30,000 farmers in the Indian states of Andhra Pradesh, Odisha, Gujarat, and Tamil Nadu.
Editing by Collin Furtado and Arpit Nayak
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