AQUACONNECT SECURES $4M IN PRE-SERIES B FUNDING ROUND

Aquaconnect secures $4m in pre-series B funding round led by S2G Ventures. Funding will enable Aquaconnect to continue scaling its operations and expanding geographically to amplify its impact across India.

Aquaconnect, a full-stack aquaculture platform with embedded fintech that leverages satellite remote sensing and artificial intelligence to improve the efficiency of stakeholders in the fish and shrimp farming industry, completed a $4 million (INR 33 Cr) Pre-Series B funding round led by S2G Ventures.

Aquaconnect will utilise the new capital to continue scaling its operations and enhance its coverage of the major aquaculture production states in India. The company has recently expanded its footprint in West Bengal, Uttar Pradesh, and Assam, and achieved 4x revenue growth in the last fiscal year.

With this new funding, Aquaconnect also seeks to double its Aqua Partner network in the next 6 months, strengthening post-harvest linkage solutions and expanding its product portfolio with farmer-focused innovations, formal credit services, and new products to amplify its reach and impact. Aqua Partners are rural entrepreneurs who provide last-mile assistance to farmers while delivering the company’s services, including farm advisory, access to feed and other farm inputs, and post-harvest market linkage to domestic and international buyers.

Commenting on the Pre-Series B funding round, Rajamanohar Somasundaram, Founder & CEO of Aquaconnect, said:

“The investment from S2G reinforces our mission of transforming the Indian aquaculture landscape through a  phygital approach. The funds come at a critical juncture as we gear up for our next phase of growth, with an intense focus on expanding our operations in major markets. This expansion is more than just scaling; it’s about deepening our impact within the farming communities by strengthening our Aqua Partners and seafood buyer network, thus creating a more sustainable aquaculture ecosystem.”

“Aquaconnect’s full-stack solution is revolutionising aquaculture in India through reliable access to a diverse set of farming input products, working capital financing, marketplace commerce, and streamlined logistics,” said Kate Danaher, Managing Director at S2G Ventures. “Aquaculture is the fastest growing method of food production in the world, and a critical solution for long-term food security. Platforms that contribute to the viability of the sector through sustainable farming practices and trade are paramount. As a leading organisation in the second largest aquaculture market in the world, we believe Aquaconect is ideally positioned to capture meaningful market share and contribute to a future of sustainable growth across the sector.”

“Our scalable business model continues to evolve to capture new opportunities, while simultaneously enhancing the service offerings and innovative tech-driven solutions to strengthen our position in the aquaculture sector,” Raj added.

Aquaconnect raised $15 million in a Series A funding round last year from Lok Capital, Louis Dreyfus Company (LDC) Ventures, Suneight Investments, AgFunder, Omnivore, Rebright Partners, Flourish Ventures, and Hatch Blue.

About Aquaconnect

Aquaconnect is a full-stack aquaculture technology platform, pioneering the use of AI and satellite remote sensing to bring transparency and efficiency to the aquaculture value chain. Aquaconnect also enables market linkage for aquaculture farmers, retailers, and seafood buyers to increase access to farm inputs, and post-harvest markets. Aquaconnect provides formal credit to its retail partners and seafood buyers to ease their working capital needs and upscale their businesses.

The company has been recognised by ‘Forbes Asia 100 to Watch’ and ‘World-Changing Ideas 2020’ by Fast Company. The company showcased its solutions at the Paris Peace Forum – 2022 and is a part of the Innovator cohort at the Seafood Innovation Project and Hatch Accelerator and the Norwegian Seafood Innovation Cluster. Aquaconnect is one of the winners of the ‘Agriculture Insure Tech Award’ by the World Bank Group. The company was selected for the fifth edition of Google for Start-ups Accelerator (GFS) India. It is also the first Indian aquaculture start-up to earn an ISO 27001 certification for information security management. Aquaconnect has also been recognised as the ‘Best Agri Start-up in Application of Digital Technologies 2021’ & the ‘Most Innovative AgTech Start-up (Mature Stage) 2022’ by FICCI and recently, it was honoured with the prestigious Fisheries Start-up Grand Challenge Award by the Department of Fisheries, Government of India.

Aquaconnect is supported by investments from Omnivore Partners, Hatch Accelerator, Flourish Ventures, Rebright Partners, AgFunder, Lok Capital, LDC, Suneight Investments, and 6G Capital.