INDIA – Clover, a Bengaluru-based agritech startup has raised US$5.5 million from a pool of investors to further help the company accelerate growth of its farm network, and expand its B2B and B2C offerings.
Clover raised the capital in a Series A funding round from private equity firm, Omnivore and existing investors including Accel and Mayfield.
Founded by Avinash BR, Gururaj Rao, Arvind Murali, and Santhosh Narasipura, the startup partners with farmers across India to market premium quality, branded, greenhouse-grown fresh produce through B2B and B2C channels.
Clover has centered its operation model around demand-led cultivation, a managed farm network, and full stack agronomy.
Under the demand-led cultivation model, Clover grows quality, consistent, and traceable fresh produce for specific and predictable client demands.
The managed farm network of greenhouses are based in peri-urban and rural areas surrounding urban consumption zones, thereby ensuring freshness and reducing spoilage.
Commenting on the funding Avinash BR, Co-founder, Clover, said; “We are thrilled to partner with Omnivore, Accel, and Mayfield as we scale our operations across multiple metro areas.
“This additional funding will help to accelerate the growth of our managed farm network, support our entry into new cities, and diversify our B2B and B2C fresh produce offerings.”
Mark Kahn, Managing Partner of Omnivore, added: “We believe that Clover is building India’s first fresh produce supply chain adapted to the challenge of climate change.
“By leveraging peri-urban greenhouses, Clover can deliver the highest quality vegetables and fruits to B2B and B2C consumers in India’s largest metro areas. Omnivore is excited to support Clover in the coming years as they scale to new heights.”
The new funding, which brought in Omnivore as a new investor, follows an earlier seed round that the the start-up closed with funding from Accel and Mayfield.
Omnivore has been an active investor in the agritech space. In January, it co-invested in B2B food commodity marketplace TechnifyBiz’s parent company Connedit Business Solutions in a US$2 million seed round.
In December, it was part of a Series B closing round worth US$6 million in Pune-based agritech startup Ecozen Solutions.
The private equity firm also teamed up with Singapore-based early stage investor Wavemaker Partners and other investors in a US$1.6 million seed fundraise at agriculture analytics platform Fasal.