Mumbai-based venture capital firm Omnivore has announced the launch of its third fund on April 4 with a target of $130.13 billion. The venture capital firm aims to use its newly launched fund to invest in early-stage startups developing technologies for agriculture, food and the rural economy.
With this new funding, Omnivore plans to make some 30 new investments over the next four years. Omnivore Fund 3 will also focus on catalysing climate action in agriculture, supporting start-ups to address India’s GHG (greenhouse gas) emissions, and protecting future Indian farmers.
Founded in 2010 by Jinesh Shah and Mark Kahn, Omnivore funds entrepreneurs to build the future of food and agriculture. The fund initially invests in growth stages, such as seed, pre-Series A and Series A rounds, as well as follow-on rounds. Over the past decade, the company has supported more than 35 startups that have made agriculture more profitable, resilient, sustainable and climate-resilient.
Managing Partner Mark Kahn said, “Through Omnivore’s investment, we have touched the lives of nearly 7 million smallholder farmers, creating value for our investors, while improving their profitability and resilience. We believe agritech is just getting started and we look forward to it to support a new generation of entrepreneurs who are building the future of rural India.”
The firm plans a first close of the new fund by September 2022 and a final close by June 2023. Omnivore currently operates ₹936 crore in two funds, the most recent of which closed in April 2019. Some of the companies in Omnivore’s portfolio are DeHaat, Arya, Reshamandi, Stellapps, AgNext, Pixxel, and Animall, among others.
Earlier this year, Omnivore also launched the OmniX Bio initiative to provide additional support to new agribusiness and life sciences companies. The initiative is primarily targeting the fields of agricultural biotechnology, innovative farming systems, bioenergy and biomaterials, and then forays into innovative foods with alternative proteins.
With this new funding, Omnivore aims to deepen the reach and impact of OmniX Bio and reshape the agribusiness life sciences ecosystem in India.