Biotech startup Loopworm has raised USD 3.4 million (about Rs 27 crore) in a funding round co-led by Omnivore and WaterBridge Ventures, the company said on Wednesday.
Titan Capital and leading angel investors, including Nadir Godrej (Godrej Agrovet), Sanjiv Rangrass (ex-ITC), and Akshay Singhal (Log9 Materials) also participated in the round. Loopworm plans to use the fund for talent acquisition, research and development, including building world-class laboratories, and to launch their first factory for scaling up production, it said in a statement.
“Over the next 5 years, the startup aims to produce 300,000 metric tonne (MT) of sustainable insect-based protein per annum, creating value from 7.5 million MT of food waste and agricultural byproducts,” it added.
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