Aquaconnect, backed by Omnivore, raises $8 million for business expansion

• ByStartupStory     |    March 22, 2022

Aquaconnect, a Chennai-based aqua farmers network firm, has secured $8 million in a venture loan round headed by Trifecta Capital. The firm plans to use the funding to extend its presence in India by opening more franchise stores that provide excellent input supplies to fish and shrimp growers. The company would also invest money to expand its operations and improve its post-harvest market connection solutions.

Aquaconnect’s platform, which was founded in 2017 by Somasundaram, assists aquaculture farmers in increasing their revenues by connecting them with smart farm management tools, financial services, and clients. The company works with fish and shrimp producers to help them increase their output. Through intelligent technology solutions, financial access and market connection can be achieved. Through an integrated tech-driven approach, the firm is trying to tackle difficulties in the aquaculture value chain.

The company claims to work with over 60,000 farmers in various states across the country. Omnivore, Rebright Partners, Flourish Ventures, AgFunder, HATCH, and 6G capital are among the domestic and international investors in Aquaconnect. Aquaconnect had previously raised $4 million in a Pre-Series A investment round headed by Rebright Partners and Flourish Ventures in July 2021. Investors AgFunder and 6G Capital, as well as current investors Omnivore and HATCH, took part in the round.

Acquaconnect raised $1.1 million in seed funding from Omnivore and an existing investor, HATCH, in September 2019. As part of the acquisition, Omnivore’s partner Reihem Roy joined the startup’s board of directors to help it develop.

Aquaconnect is a competitor to Captain Fresh, a tech-enabled B2B animal protein marketplace that recently raised $50 million in a Series C funding round headed by Prosus Ventures and Tiger Global. Accel India, Matrix Partners India, Ankur Capital, and Incubate Fund also participated in the round.

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