ImpactAlpha, August 25 – Bangalore-based Loopworm works with a network of smallholder farmers to raise insects that can be converted to animal and pet feed and oil. Farmers raise several varieties of bugs on unsold and unconsumed food. Loopworm buys the grown insects and processes them in its facilities.
The company says its model curbs food waste, provides farmers with an additional income stream, and yields sustainable, high-protein feeds and other products.
Agrifood impact investor Omnivore backed the company’s $3.4 million seed round via its OmniX Bio initiative, which is investing to develop India’s agrifood life sciences sector. WaterBridge Ventures and Titan Capital also participated.
With the capital Loopworm will build its first production factory.
Omnivore, which has backed more than 30 India-based agrifood startups, launched OmniX Bio as an initiative within its current fund strategy.
“Virtually all of the current startup activity and venture investing in agritech [in India] focuses on digital technologies, e-commerce, full-stack farmer platforms, rural fintech and marketplaces,” write Omnivore’s Mark Kahn, Venky Ramachandran and Renuka Diwan.
For harder sectors like agri-biotech, alternative proteins, high-tech farming systems, and bioenergy and biomaterials, they argue, “venture investors of every stage need to step forward with funding to turn these dreams into our new reality.”
In addition to Loopworm, OmniX Bio’s initiative has invested in BioPrime, a sustainable crop treatment developer.