ImpactAlpha, August 25 – AgNext supports a network of sensors that monitors crop conditions to boost productivity and reduce losses (for context, see, “Digitization of smallholder farming draws investors to Indian agtech startups”). The five-year-old company supports grain, spice, tea, dairy and feed producers across India. Quality-related losses lower profit margins for farmers and raise prices for consumers, the company says.
AgNext’s $21 million Series A round was led byAlpha Wave Incubation, with existing investors Omnivore, an agri-focused impact fund, and Kalaari Capital. The capital will enable AgNext to expand its service into the Middle East, Asia and Africa and into new commodities.
The round gave seed-stage investor Association for Innovation and Development of Entrepreneurship in Agriculture, or a-IDEA, a 5X exit.