Indian insect startup raises $3.4 million
Loopworm plans to build its first factory for scaling up production in North Bangalore.
August 24, 2022
Biotech startup Loopworm has raised $3.4 million in its seed round co-led by Omnivore and WaterBridge Ventures. Titan Capital and angel investors including Nadir Godrej from Godrej Agrovet, Sanjiv Rangrass from ITC, and Akshay Singhal from Log9 Materials also participated in the round.
Loopworm plans to use the funds for talent acquisition, building research and development capabilities and launching its first factory for scaling up production in North Bangalore. In the next five years, Loopworm aims to produce 300,000 MT of sustainable insect-based protein annually.
Founded in 2019 by IIT Roorkee graduates, Ankit Alok Bagaria and Abhi Gawri, the Bengaluru-based startup recycles food waste into protein-based food ingredients. To enable this, it builds decentralized insect rearing facilities along with smallholder farmers.
“Omnivore is delighted to back Loopworm under our OmniX Bio initiative. Loopworm sees massive potential in transforming cultivated insects into value-added nutrients and ingredients, and Omnivore believes the company will quickly become a leading biotech startup,” said Mark Kahn, managing partner of Omnivore.