Agritech start-up Agroshift raises $1.8 million in seed funding
Dhaka-based agritech startup Agroshift, which helps farmers sell their produce to businesses and consumers by providing a tech-enabled supply chain, raised $1.8 million in seed funding on Tuesday.
The round was co-led by UAE-based Shorooq Partners, a Middle East-focused tech investor, and Anchorless Bangladesh, a New York-based early stage venture capital firm active in the local startup ecosystem. , both of whom are lead investors. .
Along with the two lead investors, global investors such as Ratio Ventures, Sketchnote Partners and Julian Shapiro, the Demand Curve founder also participated in the seed funding round of the startup which was founded in March this year.
“We are delighted to support Agroshift in its vision to serve millions of people working in the agriculture and textile sectors across Bangladesh. Agroshift customers are the driving force of these important economic sectors, and we are honored to support the team’s ambition to meet their daily needs by providing affordable and convenient ways to source food and agri-food products from high quality,” said Omer Zabit, Principal at Shorooq Partners, in a statement shared with media.
“Agroshift’s micro-logistics model is the most effective we’ve seen in helping create value for producers and consumers, especially those in one of the country’s most valuable sectors: manufacturing. of the garment. While Bangladesh has already played an important role in international supply chains, we also see huge opportunities in optimizing the domestic supply chain,” said Rahat Ahmed, Founding Partner and CEO of Anchorless Bangladesh, one of the main investors in the agritech startup.
The B2B agricultural marketplace was founded by Qazi Bouland, Rameez Hoque and Diptha Saha, whose business model merges the physical and digital worlds for a “phy-gital” business model that supports demand aggregation, l supply and delivery enabling a supply chain.
According to the company, its ultimate goal is to create technology solutions to transform the fresh food supply chain and improve the lives of farmers, small businesses and consumers through which farmers will achieve greater flexibility and fair prices, and consumers will get fresher and safer products. .
Bouland believes that by 2030, Bangladesh will become the ninth largest consumer market in the world, creating an urgent need for high-quality, fresher food, and his startup is ready to solve this critical problem at the right time in the world. country’s growth.
“Our unique model eliminates the need for traditional retail touchpoints, instead leveraging a combination of digital ordering kiosks and lean drop-off points on factory premises,” also said the co- startup founder.
The seed fund raised by Agroshift brought total funding for local tech startups to $815.8 million, according to LightCastle Partners.
Investment is also telling for the local start-up sector, as it has been ramped up during the ongoing global economic downturn, with venture capitalists (VCs) reducing their investments from the start of the second quarter of 2022.
According to Crunchbase, venture capital funding has fallen dramatically globally, slowing in the second quarter of 2022 as investors turn away from funding bets at a later stage.
Global seed funding totaled just $34 billion in Q3 2022, down 25% quarter over quarter and 39% year over year.