With Fresh Focus On Climate Sustainability, Omnivore Sets Up $130 Mn Venture Fund
- ByStartupStory | April 5, 2022
With a target corpus of $130 Mn (INR 1,000 Cr), Agritech venture capital (VC) firm Omnivore has launched its third fund. By September this year and a final close by June 2023, it is targeting a first close of the new fund.
Early-stage startups developing technologies for agriculture, food, climate and the rural economy, said the company, would be continued to be invested in by the new fund.
Omnivore, which has already backed 35 startups, catalysing climate action in agriculture, backing startups addressing both climate mitigation and climate adaptation/resilience, it plans to channelise its news fund. The VC firm expects to make 25 – 30 new investments over the next four years, with Omnivore Fund 3.
A few of Omnivore’s portfolio companies include Bengaluru-based Animall, Chandigarh-based AgNext, Reshamandi Patna-based DeHaat, Vijayawada-based Eruvaka.
Originally founded by Jinesh Shah and Mark Kahn in 2010, with follow-on capital for future growth, the VC firm generally invests in Seed, Pre-Series A, and Series A rounds. With the Omnivore Partners India Fund 2 having closed at $97 Mn in April 2019, Omnivore claims to currently manage INR 936 Cr across two funds.
Omnivore invested an undisclosed amount in agritech startup BioPrime in december last year, as it launched its OmniX Bio initiative in order to back early-stage agritech and life science startups, states a reported.
OmniX Bio was launched in order to support Indian entrepreneurs who work in the fields of agricultural biotechnology, bioenergy and biomaterials, novel farming systems, as well as innovative foods, including alternative protein.
Agritech startups are making the next new transformation in the Indian agricultural sector, from enabling agriculture through the Internet of Things (IoT) to providing deep-tech-enabled food quality assessment. For the adoption of drones and other modern technologies in farmlands, coupled with that comes the government’s push.
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