The Venture Firm has successfully secured $150 million in the first close of its third fund. The Omnivore Agritech and Climate Sustainability Fund, aims to invest in 25-30 promising Agritech startups during seed and Series A funding rounds, with investments ranging from $1 million to $5 million. This achievement highlights the growing interest in the Indian startup ecosystem, particularly in early-stage funding.
The fund’s which was established in 2022 focus lies within the agriculture, food, climate, and rural economy sectors, presenting an opportunity for startups in these fields to gain vital support and resources. Mark Kahn, the Managing Partner of Omnivore, expressed optimism about the potential for growth and innovation in India’s agricultural segment. He emphasized the emergence of new companies with robust teams and promising business models, highlighting the transformative impact of startups in rural India.
With a distinguished portfolio that includes successful investments in DeHaat, Reshamandi, and Pixxel, Omnivore has established itself as a key player in supporting agritech startups. Founded in 2011 by Mark Kahn and Jinesh Shah, the firm has consistently nurtured innovative ventures. In its second fund, Omnivore raised an impressive $82 million, further solidifying its position as a trusted partner for startups in the agritech sector.
Omnivore’s third fund attracted investments from various notable partners, including KfW, Self Reliant India (SRI) Fund, FMO, SIFEM, the International Finance Corporation (IFC), the Bill & Melinda Gates Foundation Inclusive Agritech Facility, Louis Dreyfus Company Ventures, the Dutch Good Growth Fund (DGGF), the Belgian Investment Company for Developing Countries (BIO), and Yara Growth Ventures. The support from these diverse investors underscores the importance of agritech and its potential for sustainable development and climate solutions.
Looking ahead, Kahn anticipates the final close of the third fund to reach a size of $170 million-$180 million. This additional funding will enable Omnivore to provide further assistance and mentorship to promising startups in the agritech sector. The ultimate goal is to foster innovation, create impactful solutions, and drive sustainable growth in India’s agriculture and rural economy.
Omnivore achieves significant exits in the Agritech investments
Notably, Omnivore has already achieved significant exits in the agritech space. In July 2022, the venture capital firm successfully sold its stake in Eruvaka, an aquaculture IoT startup, to Nutreco, a renowned global leader in animal nutrition and aquaculture. This transaction marked the largest exit in the history of Indian agritech. Additionally, in March 2023, Omnivore sold its stake in MITRA, a precision sprayer manufacturer, to Mahindra, a prominent farm machinery giant.
With each successful exit, Omnivore reinforces its commitment to supporting and nurturing agritech startups. By providing the necessary capital and resources, the firm plays a vital role in driving innovation, transforming rural India, and addressing key challenges in the agriculture and food sectors. As the Indian startup ecosystem continues to thrive, Omnivore’s latest fundraise sets the stage for a new wave of agritech ventures that can shape the future of sustainable agriculture.
The Venture Firm has successfully secured $150 million in the first close of its third fund, surpassing its initial target of $130 million.
