Biotech firm Loopworm raises $3.4 million in seed funding from Omnivore and WaterBridge
Loopworm, a startup in insect biotech, has raised $3.4 million in a round of seed funding, which was co-led by Omnivore and WaterBridge Ventures.
The participation in the round was seen from Titan Capital, and angel investors including Nadir Godrej (Godrej Agrovet), Sanjiv Rangrass (ex-ITC), and Akshay Singhal (Log9 Materials).
The managing partner of Omnivore, Mark Khan said, “Omnivore is delighted to back Loopworm under our OmniX Bio initiative. Loopworm sees massive potential in transforming cultivated insects into value-added nutrients and ingredients, and Omnivore believes the company will quickly become a leading biotech startup,”.
“We are thrilled to have Omnivore, Waterbridge, Titan Capital, and several experienced angels, including Nadir Godrej, as investors in Loopworm. We plan to use the new funding to set up our first Loop Factory in North Bangalore, hire talent, and accelerate R&D,” said Gawri and Bagaria, Co-founders of the firm.
The funds will be utilized by Loopworm to hire new employees, expand its R&D capabilities, and open its first plant to scale up production.
According to the startup, Loopworm wants to create 300,000 MT of sustainable insect-based protein each year within the next five years.
The Bengaluru-based firm, Loopworm was established in 2019 by IIT Roorkee grads Ankit Alok Bagaria and Abhi Gawri, turns leftover food into protein-based culinary ingredients. Together with smallholder farmers, it constructs decentralised insect rearing facilities to make this possible.
Loopworm seems to be an interesting startup with a persuading development on biotechnology research platform. All the best to the whole group. This will give them immense achievement later on.Shishir Gupta, Founder and CEO, StartupLanes
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