Agritech venture capital firm Omnivore said it is setting up a new $130 million (Rs 1000 crore) fund to invest in early-stage technology-driven startups focusing on agriculture, food, climate change, and rural development.
Typically the firm invests in seed rounds, pre-Series A, and Series A rounds with follow-on capital for future growth.
This is the third fund by the investor and the new fund is expected to be closed by September of this year. With this fund, the investment firm expects to fund 25-30 new start-ups over the next four years.
“This fund will have a sharper focus on catalysing climate action in agriculture, backing start-ups addressing both climate mitigation like reducing India’s GHG emissions and climate adaptation and resilience like securing a future for India’s farmers”, said, Mark Kahn, managing partner of Omnivore.
With this new fund, the company aims to deepen the reach and impact of OmniX Bio and help improve the agri-food life science ecosystem in India.
“Through Omnivore’s investments, we have touched the lives of almost 7 million smallholder farmers, improving their profitability and resilience, while creating value for our investors,” Kahn added.
Earlier this year Omnivore launched a program called OmniX Bio Initiative to provide additional support to agri-food life science startups, which initially focused on agro-biotechnology, innovative farming systems, bioenergy, and biomaterials, as well as a focus on innovative food products.
The company currently manages Rs 936 crore in two funds, which recently closed in April 2019. Company,’s leading portfolio companies include DeHaat, Arya, Reshamandi, Stellapps, AgNext, Bijak, and others.