Total amount raised
$3.5 Million
Latest funding date
08/01/2022
Location
Loopworm has successfully raised funding over 7 rounds, with the latest being a Seed round. The company is backed by 14 investors, including Claris Capital, Omnivore, Enrission India Capital, and WaterBridge Ventures.
Keep reading to explore the intricacies of Loopworm's fundraising journey and the investors backing this innovative platform.
What Is Loopworm?
Loopworm is a biosciences company based in Bangalore, Karnataka, India, specializing in transforming farmed insects into sustainable protein and fat products. The company operates in various industries, including agriculture, animal feed, aquaculture, biotechnology, farming, meat and poultry, pet, and waste management.
With a workforce of 11-50 employees, Loopworm leverages insect biosciences and biomanufacturing to create value-added products for animal nutrition, plant biostimulants, cosmetics, and human wellness. The company is committed to sustainability and innovative solutions to reduce the environmental impact of traditional protein sources.
How Much Funding Has Loopworm Raised?
- Seed Round
- Amount Raised: USD 3,400,000
- 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 recruitment, R&D, and launching the first factory to scale production.
- Seed Round
- Amount Raised: USD 3,250,000
- Date: July 2025
- Lead Investors: Enrission India Capital, WaterBridge Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: The funds will be used to expand production capacity and enter new markets.
- Non-Equity Assistance
- Amount Raised: USD 40,000
- Date: July 2021
- Lead Investors: Biotechnology Industry Research Assistance Council (BIRAC)
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: The funds will be used for research and development.
- Non-Equity Assistance
- Amount Raised: USD 12,000
- Date: April 2021
- Lead Investors: H&M Foundation - Global Change Award
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: The funds will be used to support sustainable innovation projects.
- Grant
- Amount Raised: USD 15,000
- Date: June 2020
- Lead Investors: Government of Karnataka
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: The funds will be used to support local agricultural initiatives.
- Grant
- Amount Raised: USD 3,000
- Date: January 2020
- Lead Investors: Social Alpha
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: The funds will be used to support early-stage development.
- Non-Equity Assistance
- Amount Raised: INR 1,000
- Date: November 2019
- Lead Investors: AIM Smart City
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: The funds will be used to support smart city initiatives.
Total Amount Raised: USD 6,720,000. Current Valuation: Not publicly disclosed.
Key Investors
- Omnivore
- Details: Omnivore is a venture capital firm that invests in startups focused on agriculture and food technology. They are known for supporting early-stage agritech companies in India.
- Investment Focus Areas: Agritech, agrifood life sciences, food technology
- Notable Investments: Stellapps, DeHaat, AgNext
- WaterBridge Ventures
- Details: WaterBridge Ventures is a venture capital firm that focuses on early-stage investments in technology-driven businesses. They have a strong presence in the Indian startup ecosystem.
- Investment Focus Areas: Early-stage technology companies, tech-driven startups
- Notable Investments: Unacademy, Chalo, Magicpin
- Titan Capital
- Details: Titan Capital is an investment firm that provides seed and early-stage funding to startups across various sectors. They have a diverse portfolio and are known for their strategic investments.
- Investment Focus Areas: Seed and early-stage startups, various sectors
- Notable Investments: Ola, UrbanClap, Snapdeal
- Nadir Godrej
- Details: Nadir Godrej is associated with Godrej Agrovet, a diversified agribusiness company. He is a prominent business figure in the agribusiness sector.
- Investment Focus Areas: Agribusiness, sustainability
- Notable Investments: Investments through Godrej Agrovet
- Sanjiv Rangrass
- Details: Sanjiv Rangrass is the former head of R&D and sustainability at ITC, a major Indian conglomerate. He has extensive experience in diversified business sectors.
- Investment Focus Areas: R&D, sustainability, diversified sectors
- Notable Investments: Contributions to ITC's diversified business operations
What's Next for Loopworm?
Loopworm is poised to capitalize on the burgeoning biotechnology market, with plans to establish a commercial factory and expand into local and Western markets. The company aims to produce 300,000 tons of sustainable insect protein annually, addressing India's significant food waste problem and tapping into the growing demand for alternative protein sources.
Future fundraising opportunities are likely as Loopworm scales its operations and enters new markets. The company may attract additional investment to support its ambitious production goals and research initiatives. Strategic partnerships or acquisitions by larger agritech or biotech firms could also be on the horizon.
However, Loopworm faces challenges such as scaling production, navigating regulatory requirements, and ensuring a consistent supply of organic waste. Competition from other sustainable protein and biotechnology companies may also pose hurdles. Despite these challenges, Loopworm's innovative approach and market potential position it well for future growth.
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