Total amount raised
$3.5 Millions
Latest funding date
Location
Loopworm has successfully raised funds through a Seed round, attracting the interest of 13 investors, including notable names like Akshay Singhal and Sanjiv Rangrass. The company focuses on insect biotechnology, creating sustainable insect-derived products for various industries.
Keep reading to explore the intricacies of Loopworm's fundraising journey and the investors backing this innovative platform.
What Is Loopworm?
Loopworm, founded in 2019 by Abhi Gawri and Ankit Alok Bagaria, is headquartered in Bangalore, Karnataka, India. The company operates in various industries, including agriculture, animal feed, aquaculture, biotechnology, farming, meat and poultry, pet, and waste management.
Specializing in insect biosciences and biomanufacturing, Loopworm focuses on developing sustainable insect-derived products. With a team of 11-50 employees, the company leverages insect biotechnology and recombinant protein platforms to create value-added products for animal feed, pet food, agriculture, cosmetics, human wellness, and plant nutrition.
How Much Funding Has Loopworm Raised?
- Seed Round
- Amount Raised: $3.4M
- Date: August 2022
- Lead Investors: Omnivore, WaterBridge Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: The funds will be used for talent acquisition, research and development, and launching the first factory to scale up production.
- Non-Equity Assistance
- Amount Raised: $40K
- Date: July 2021
- Lead Investors: Biotechnology Industry Research Assistance Council (BIRAC)
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support research and development initiatives.
- Non-Equity Assistance
- Amount Raised: $12K
- Date: April 2021
- Lead Investors: H&M Foundation - Global Change Award
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To advance sustainable practices in insect biotechnology.
- Grant
- Amount Raised: $15K
- Date: June 2020
- Lead Investors: Government of Karnataka
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the establishment of insect farming operations.
- Grant
- Amount Raised: $30K
- Date: February 2020
- Lead Investors: Government of India
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To promote innovative solutions in waste management and insect biotechnology.
- Grant
- Amount Raised: $3K
- Date: January 2020
- Lead Investors: Social Alpha
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support early-stage development and pilot projects.
- Non-Equity Assistance
- Amount Raised: ₹1K
- Date: November 2019
- Lead Investors: AIM Smart City
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To foster innovation in smart city solutions and sustainable practices.
Total Amount Raised: $3.5M
Current Valuation: Not publicly disclosed
Key Investors
- Omnivore
- Details: Omnivore is a venture capital firm that invests in startups working on agricultural and food systems. It is known for supporting early-stage agrifood life science startups under its OmniX Bio initiative.
- Investment Focus Areas: Agriculture, food systems, agrifood life sciences.
- Notable Investments: Various agritech startups.
- WaterBridge Ventures
- Details: WaterBridge Ventures is a venture capital firm that focuses on early-stage technology companies. It provides substantial funding and support to innovative startups.
- Investment Focus Areas: Early-stage technology companies, startups.
- Notable Investments: Various technology-driven startups.
- Titan Capital
- Details: Titan Capital is an investment firm that provides seed and early-stage funding to startups across various sectors. It has a diverse portfolio and supports innovative business ideas.
- Investment Focus Areas: Seed funding, early-stage startups, various sectors.
- Notable Investments: Various startups across different sectors.
- Nadir Godrej
- Details: Nadir Godrej is associated with Godrej Agrovet, a diversified agribusiness company. He is a prominent angel investor with interests in agribusiness and sustainability.
- Investment Focus Areas: Agribusiness, sustainability, diversified sectors.
- Notable Investments: Involved in Godrej Agrovet's investments.
- Sanjiv Rangrass
- Details: Sanjiv Rangrass is the former head of ITC, a major Indian conglomerate. He has extensive experience in R&D and sustainability, making him a valuable angel investor.
- Investment Focus Areas: R&D, sustainability, diversified business sectors.
- Notable Investments: Experience in ITC's diversified investments.
What's Next for Loopworm?
Loopworm is poised to capitalize on the burgeoning biotech market, with plans to scale up production and enter new markets. The company aims to produce 300,000 metric tons of sustainable insect-based protein annually within the next five years, leveraging India's significant food waste and agricultural residue. This expansion presents a substantial opportunity, given the projected growth of the Indian biotech sector to $150 billion by 2025.
Future fundraising efforts will likely be necessary to support Loopworm's ambitious goals. The company may attract additional investment to enhance its production capabilities and market reach. However, challenges such as scaling production, navigating regulatory landscapes, and ensuring market acceptance of insect-based products could pose hurdles. Despite these challenges, Loopworm's innovative approach and strategic partnerships position it well for future growth and success.
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