Gurugram-based Agritech startup, MoooFarm, has raised €500k (about INR 43.56 Lakhs) in pre-seed funding led by Navus Ventures, a Dutch investment fund, with participation from Amsterdam-based global accelerator-VC Rockstart. MoooFarm is part of the Rockstart AgriFood 2020 batch and has managed to raise this investment only four months into the program. The startup plans to use the funding to strengthen their product-market fit and hire key technology talent to launch new services to farmers.
Mooofarm, which received a $15,000 grant from Microsoft in May last year, had earlier raised $100K in convertible note from Rockstart. The startup also won 1st prize in Govt of India's Startup India initiated Animal Husbandry Grand Challenge.
Founded in 2018, by Aashna Singh and Param Singh, Mooofarm bridges the technology gap to help marginalized dairy farmers. The startup is working in India to build sustainable, inclusive, efficient, and nutritious food systems for 75 million dairy farmers and over 1 billion consumers. MoooFarm is disrupting the $120Bn Indian dairy industry through its mobile application.
We are thrilled to have both Rockstart and Navus Ventures join MoooFarm in its pre-seed round. This funding will assist us in further strengthening our product-market fit and hire key technology talent to launch new services to our farmers. Both Navus Ventures with its close ties with Lely (farming innovator) and Rockstart will help us draw from their large pool of knowledge, networks and experience in the agriculture and dairy sector. Together we are on our mission to make farmers prosperous," said Param Singh, Founder, MoooFarm.
Using an Uber-like model, Moofarm's mobile application allows farmers to connect virtually and schedule physical visits with veterinarians and artificial insemination technicians. The app provides agricultural extension, farm management tools, access to qualified veterinarians, and an online community to support with increasing milk yields and reducing costs. In its one and a half years of operation, MoooFarm has helped 23,000 dairy farmers increase their daily milk yield and make on average an extra €34 ($40) per month.
In a statement, Eduard Meijer, Managing Director, Navus Ventures, said "MoooFarm, with its developed platform, that can link all elements needed for optimized production of milk and dairy products, can make a huge contribution to improving the availability of high quality and affordable dairy products to sustain the growing worldwide demand. By proving support to MoooFarm, Navus Ventures is excited to be able to contribute to a sustainable and profitable future for Indian dairy farmers."
Mark Durno, Managing Partner, Rockstart AgriFood, said, It’s our purpose at Rockstart to empower founders who are driving positive change. Therefore, we are delighted to co-invest with a trusted partner, Navus Ventures, and we are excited to continue to work alongside the MoooFarm team, who will help enable Indian dairy farmers to have better animal health and economic opportunities."
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