Loopworm raises $3.4 million in funding

25 Aug 2022 , 08:37 AM

The agritech firm Loopworm announced that it has raised $3.4 million in initial capital from investors Omnivore and WaterBridge Ventures. Titan Capital and angel investors, including Akshay Singhal of Log9 Materials, Sanjiv Rangrass, the former CEO of ITC, and Nadir Godrej of Godrej Agrovet, participated in the round as well.

In a statement, Loopworm stated that the company intended to use the seed money for hiring staff, research and development (R&D), including the construction of laboratories, and the opening of its first factory in North Bengaluru in order to scale up production.

Ankit Alok Bagaria and Abhi Gawri, recent IIT Roorkee graduates, founded the insect biotech startup Loopworm in 2019. Its mission is to optimize insect farming for smallholders while providing nutrients and ingredients for business-to-business (B2B) clients. According to the company, it plans to use multi-species insect biotechnology to alter a number of industries, including aquaculture, pet food, and nutraceuticals.