Indian insect-breeding startup secures $3.4 million seed round

Indian insect biotech startup Loopworm has raised $3.4m in seed funding co-led by Indian agribusiness VC Omnivore and WaterBridge Ventures. Loopworm is India’s first tech startup to breed insects for animal feed.

Titan Capital and leading angel investors, including Chairman of Godrej Agrovet, Nadir Godrej, former head of Indian conglomerate ITC’s R&D and sustainability group, Sanjiv Rangrass, and Akshay Singhal, Founder and CEO of Log9 Materials, also participated in the round.

From waste to animal feed rich in protein and micronutrients
Loopworm grows insects on food waste and turns them into value-added products for the animal feed industry. The company sources food waste – which it likes to call “organic by-product” – from food processors, retail food chains and fruit markets. Through biochemistry and fermentation, it is processed to make it suitable for insect breeding. Currently, the black soldier is flying. The insects are then processed into final feed for shrimp and poultry.

The concept of Loopworm was born when co-founders Ankit Alok Bagaria and Abhi Gawri met at Enactus, a non-profit organization that promotes social entrepreneurship among university students. They both had ambitions to start a social entrepreneurship business and solve India’s food waste problem, which Bagaria said was of the utmost importance given the country’s growing population.

Read the full article at www.agfundernews.com.