[Funding alert] Agritech startup Clover raises $5.5M in Series A from Omnivore, Accel, and Mayfield
Agritech platform Clover on Friday announced that it has raised over $5.5 million in Series A round from Omnivore. Existing investors Accel and Mayfield also participated in the round.
Avinash BR, Co-founder, Clover, said in a press release:
“We are thrilled to partner with Omnivore, Accel, and Mayfield as we scale our operations across multiple metro areas. This additional funding will help to accelerate the growth of our managed farm network, support our entry into new cities, and diversify our B2B and B2C fresh produce offerings.”
Clover was founded by Avinash BR, Gururaj Rao, Arvind Murali, and Santhosh Narasipura. The Bengaluru-based agritech startup partners with farmers across India to market premium quality, branded, greenhouse-grown fresh produce through B2B and B2C channels.
Its business model centers around demand-led cultivation, a managed farm network, and full stack agronomy. Under the demand-led cultivation model, Clover grows high quality, consistent, and traceable fresh produce for specific and predictable client demands. The managed farm network of greenhouses are based in peri-urban and rural areas surrounding urban consumption zones, thereby ensuring freshness and reducing spoilage.
Mark Kahn, Managing Partner of Omnivore, said:
“We believe that Clover is building India’s first fresh produce supply chain adapted to the challenge of climate change. By leveraging peri-urban greenhouses, Clover can deliver the highest quality vegetables and fruits to B2B and B2C consumers in India’s largest metro areas. Omnivore is excited to support Clover in the coming years as they scale to new heights.”
Earlier in December 2018, Accel and Mayfield had invested in Clover's seed round when the company was still in stealth mode.
Prashanth Prakash, Partner at Accel said, "Clover is transforming the perishables supply chain to better serve the new-age Indian consumer who values high quality produce. We look forward to the journey with a team that has a deep understanding of this space.”
Global venture capital firm Mayfield has over $2.7 billion under its management and has been investing in India since 2006. It cumulatively manages $219 million in India across its two funds.
Vikram Godse, Managing Partner at Mayfield, said:
“Clover operates in the highly fragmented but large agriculture market of India. By using cutting edge technology, systems, and processes, the Clover team, led by Avinash, is disrupting the agriculture value chain for fruits and vegetables. This not only brings about economic benefits to Clover's B2B customers but also ensures significantly improved quality of produce is delivered to the end B2C consumer.”
(Edited by Megha Reddy)