The platform will utilize the funding to build its technology platform and bolster sales and marketing efforts
Mumbai Angels, a premium platform for private investments, has invested INR 4.39 Cr along with other investors in Woolly Farms, a consumer-first agricultural ecosystem built within and around urban areas with consumer participation. The round also saw the participation of Callapina Capital, Malabar Angels Network and Mentorous Ventures. Woolly Farms will use the funding to build its technology platform with an NFT ecosystem for consumers to participate in farm constructions built on Blockchain technologies, and IoT-driven farms that enable centralized monitoring systems to manage farms at scale, and bolster sales and marketing efforts.
“As an agrarian country, farming is at the core of the Indian economy that requires sustainable farming intervention on a priority. Woolly Farms has built a unique platform that ensures sustainable farm production of organic and affordable vegetables, especially off-season greens, through its consumer/producer participation approach based on a decentralized finance model. I am confident that the fresh funds will enable Woolly Farms to widen its reach as it scales up itstech infrastructure and business in different geographies,” said Nandini Mansinghka, Co-Founder and CEO of Mumbai Angels.
"Agriculture contributes 17% to the global warming cause. But it’s important to understand that no business can sustain itself without having sustainability as a critical pillar. Without designing our systems for mass adoption of products from climate-friendly systems, the movement of sustainability would fail. At Woolly Farms, we believe that Capitalism, Empathy and Technology together can bring this necessary change into effect. We are delighted to be backed by prominent investors in our quest for good quality food and sustainable agriculture. The funding will allow us to bolster our infrastructure and expand our customer reach and footprint," added Bushair, AP, Co-Founder, and CEO of Woolly Farms.
"It is time for a different approach. With vertical farming (using hydroponics), Woolly is doing exactly that - solving for multiple challenges faced by traditional farming at once. By growing the crops in a controlled environment that is local to the end consumer, Woolly is able to guarantee high quality, consistent output that the consumer can see and trust, thereby creating a D2C Agro brand. Moreover, with their innovative consumer financing model, they have figured out a scalable model enabling local consumer participation. Bushair,Nithun,and the team have a very bold and long-term vision to present an alternative option for the Indian consumer, which we are excited to get behind,” commented Vinod Jose, MD of Callapina Capital.
Woolly Farms’ Consumer first agriculture ecosystem aims to construct sustainable farms, co-owned by the consumers, in urban areas. With financial contributions ranging from INR 10,000 upwards, consumers are also engaged in responsible urban farming through volunteering contributions in technology, farm works and agri knowhow, in return for entitlement of fresh farm produce. Adoption of technologies, such as zero soil usage, farming on the top of high-rise buildings, use of 95% less water consumption compared to traditional farming are a just few solutions, among others, that have been garnering the interest and the support of today’s green-conscious customers at a faster pace. Based in Bangalore, the company has so far touched 12K+ households in the city, with a close community of 6000 consumers and urban growers. The modern farming player is keen to drive sustainable farming goals by allocating 2% of its token capital towards implementing sustainable practices that are on par with the International standards.
Started in 2006, Mumbai Angels, India's premier platform for private investment holds an AUM of USD 130 Mn and a 200+ strong portfolio spanning a wide range of sectors, such as Technology, Consumer, Life Sciences, DefenseTech, SpaceTech, EV, AgriTech, FinTech, EdTech, Gaming and Content, etc. Of the overall portfolio, the platform has exited/secured the next round of funding for 100+ of them. The platform has 700 investors spread across 60+ Global and Indian cities.
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