Xavier Kong · · 1 min readIndian insect biotech firm locks in $3.4m seed funding
Loopworm, a Bangalore-based biotech company that creates insect-based bio products, secured a US$3.4 million seed round, which was co-led by Omnivore and Waterbridge Ventures.
Loopworm founders Ankit Alok Bagaria (left) and Abhi Gawri / Photo credit: Loopworm
Loopworm aims to address India’s food waste crisis while increasing the income of smallholder farmers by using insects to create animal feeds. The company also builds decentralized insect-rearing facilities with smallholder farmers to produce sustainable insect-based protein.
Its products include protein concentrate or insect meal for poultry and aquatic animals, as well as pet food made from insects raised on a plant-based diet.
Founded in 2019 by Ankit Alok Bagaria and Abhi Gawri, the startup plans to produce 300,000 metric tons of insect-based protein and value-added ingredients per annum over the next five years.
It will use the funds to recruit talent, build laboratories for research and development, and launch its first factory to scale up production.
See also: Series SEA: Who’s investing in the region’s biotech startups?
Editing by Miguel Cordon and Jaclyn Tiu
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
