Early-stage VC deals in the agtech sector have hugely increased in Q1 of this year, as agtech businesses raked in $3.3 billion across 222 deals globally.
The following startup funding rounds were identified by Beauhurst as key deals for agtech this quarter, as they undoubtedly raise innovation across the sector and have the potential to become truly disruptive to our current social, welfare and environmental climate.
ReshaMandi, a business to business marketplace for silk products, has begun a new funding round of $15 million, initiated by its existing investor, placing it at a new value of $186 million according to Fintrackr’s estimates.
ReshaMandi provides a crop advisory service, offers raw materials to silk farmers, and design inputs to weavers, as well as connecting remote farmers with mills and retailers.
To date, ReshaMandi has accumulated a network of over 50,000 farms, 400 silk retailers and 5000 fabric mills and weavers, and has helped to deploy more than 100 Internet of Things (IoT) devices.
Internet of Things, or IoT, refers to a network of connected objects which have the ability to collect and exchange data using embedded sensors, software, and other technologies.
For example, in home automation systems, consumer electronic gadgets such as lights and fans, can be connected to each other via the internet and controlled by a consumer from a distance.
This new round of funding comes after an 8-month break on new money coming in, since it raised $30 million in a Series A financing round in October of 2021.
This adds up to almost $47 million in funding across three rounds, including a $1.7 million seed funding round in March 2021.
Chari, a business to business e-commerce and retail startup, secured a $100 million bridge round, as it embraced new investors including Khwarizmi Ventures, Air Angels and Afri Mobility.
Similar to other startups working in the business to business e-commerce space, Chari aims to digitise the fast-moving consumer goods sector in Morocco and Tunisia.
The startup operates via a mobile app, allowing small retailers throughout these countries to order goods from partnering multinationals working in the fast-moving consumer goods sector, as well as locally based manufacturers, delivering products in less than 24 hours.
Colossal Biosciences, a breakthrough biosciences and genetic engineering company, has secured a $60 million Series A funding round, which they will use to accelerate their genetic engineering work and de-extinction technologies.
They work to advance the development of genetic tools and technologies, such as software, wetware, and artificial wombs to improve the preservation and restoration of species, as well as help the development of human genetic technologies.