Agritech startup Loopworm has raised $3.4 million in seed funding co-led by Omnivore and WaterBridge Ventures. The round also saw participation from Titan Capital and angel investors, including Nadir Godrej, Sanjay Rangrass, and Akshay Singhal.
The fresh funds will be utilised for talent acquisition, research and development including building laboratories. It will soon launch its first factory in North Bengaluru for scaling up production, Loopworm said in a press release.
Founded by Ankit Alok Bagaria and Abhi Gawri in 2019, Loopworm is working with smallholder farmers to build decentralized insect rearing facilities. The company provides insect-based products for agriculture, poultry, and more. The startup aims to produce 300,000 metric tons of sustainable insect-based protein per annum in the next five years.
Loopworm is Omnivore’s second investment under its OmniX Bio initiative, which backs early-stage agrifood life science startups.
