Agritech Platform TraceX Raises $1 Million In Pre-Series A Funding Round
Funds would be used to scale up operations across India as well as internationally
Blockchain-powered agritech platform TraceX Technologies has raised $1 million in pre-series A funding. The funding round was led by NABVENTURES Fund, and saw participation from Paipal Ventures, an early stage family office investment fund, and from angel investor Sunil Kumar.
The fresh capital will be used towards scaling up operations across
geographies in India and in international markets, enhancing the technology platform, foraying into other value chains and for building high performance teams across functions.
Founded in 2019 by Srivatsa Sreenivasarao and Anil Nadig, TraceX leverages blockchain technology to connect multiple participants across the food and agricultural supply chain and help them exchange data.
A Markets and Markets report projects the food traceability market to grow at a CAGR of 9.1 per cent with its estimated value reaching $26.1 billion by 2025. Increasing consumer awareness on safe food products, growing demand for healthy and ethically sourced products, and focus on transparency are some of the reasons behind this demand. TraceX aims to boost productivity, improve market linkages and enhance the quality of the produce.
Commenting on the fundraise, Anil Nadig, co-founder, TraceX, said, "At TraceX, we believe that transparency builds trust and we are on a mission to create credible, connected and sustainable supply chains for the world. We are thrilled to have NABVENTURES join us on our journey. Their tremendous experience in the field of food and agriculture will help us accelerate our vision of building a globally connected food network on blockchain."
Speaking about the investment, Rajesh Ranjan, CEO, NABVENTURES, said, "Given the increasing demand for providing credibility to claims made by brands on sustainable sourcing, food handling and other aspects, TraceX is the right platform - neutral, independent, and a credible solution for building traceable supply chains from farm to fork. It organizes the entire supply chain by providing connected, secured, auditable and verifiable information via blockchain."