Total amount raised
$16.8 Millions
Latest funding date
9/1/2022
Location
Clover has successfully raised funding through multiple rounds, with its latest being a Series B round on September 29, 2022. The company is backed by notable investors including IvyCap Ventures and Alteria Capital.
Keep reading to explore the intricacies of Clover's fundraising journey and the investors backing this innovative platform.
What Is Clover?
Clover, founded in 2017, is based in Bengaluru, Karnataka, India. The company specializes in providing management solutions for fruit and vegetable farmers, focusing on supply chain solutions through technology-enabled managed farm networks.
The founders of Clover are Arvind Murali, Avinash B R, Gururaj Rao, and Santosh Narasipura. Their innovative approach enables greenhouse farmers to access agronomy markets efficiently.
With a team of 11-50 employees, Clover continues to make strides in the agricultural technology sector, offering valuable solutions to enhance productivity and market access for farmers.
How Much Funding Has Clover Raised?
- Seed Round
- Amount Raised: $1.1M
- Date: December 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart operations and develop initial technology solutions for managed farm networks.
- Seed Round
- Amount Raised: $1.2M
- Date: July 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the managed farm network and enhance supply chain capabilities.
- Series A
- Amount Raised: $5.5M
- Date: February 2020
- Lead Investors: Omnivore
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To grow the managed farm network, enter new cities, and diversify B2B and B2C offerings.
- Debt Financing
- Amount Raised: ₹70M (approximately $924,342)
- Date: May 2020
- Lead Investors: Alteria Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the reshaping of the supply chain for greenhouse-grown fresh produce.
- Series B
- Amount Raised: $8M
- Date: September 2022
- Lead Investors: IvyCap Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further scale operations and enhance technological capabilities.
Total Amount Raised: $16.724M
Current Valuation: Not publicly disclosed
Key Investors
- IvyCap Ventures
- Details: IvyCap Ventures is a venture capital firm based in India, known for investing in early to growth-stage companies. They focus on leveraging the alumni ecosystems of top educational institutions in India.
- Investment Focus Areas: Technology, healthcare, consumer products.
- Notable Investments: Purplle, Clovia, Elucidata.
- Alteria Capital
- Details: Alteria Capital is a venture debt fund founded in 2017 by Vinod Murali and Ajay Hattangadi. The firm provides debt funding to startups across various sectors.
- Investment Focus Areas: Agri-tech, consumer products, technology.
- Notable Investments: Dunzo, Lendingkart, Spinny.
- Omnivore
- Details: Omnivore is a venture capital firm that invests in startups focused on agriculture and food sustainability. They aim to improve the agricultural ecosystem through technology.
- Investment Focus Areas: Agri-tech, food sustainability, rural development.
- Notable Investments: DeHaat, Stellapps, AgNext.
- Accel
- Details: Accel is a global venture capital firm that invests in technology-driven companies. They have a strong presence in India and have backed several successful startups.
- Investment Focus Areas: Technology, e-commerce, SaaS.
- Notable Investments: Flipkart, Swiggy, Freshworks.
- Mayfield India
- Details: Mayfield India is a venture capital firm that focuses on early-stage investments. They are part of the global Mayfield Fund, which has a long history of successful investments.
- Investment Focus Areas: Technology, consumer products, healthcare.
- Notable Investments: Licious, Amagi, Simplilearn.
What's Next for Clover?
As Clover continues to reshape the supply chain for greenhouse-grown fresh produce, the opportunities are vast. Expanding its managed farm network and entering new cities can significantly enhance its market presence. The demand-led cultivation model and full-stack agronomy solutions offer a unique edge in the agri-tech sector.
Future fundraising opportunities are promising, with potential for additional venture debt or equity funding. The company’s growth trajectory and innovative approach are likely to attract strategic investors. However, Clover may face challenges such as competition from other agri-tech startups and navigating regulatory hurdles. Ensuring consistent quality and managing the complexities of scaling operations will be crucial for sustained success.
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