Last Friday, farm aggregator Aibono announced it has raised $2 million in a pre-series A round from Japanese venture capital firms Rebright Partners and Mitsui Sumitomo Insurance Venture Capital based out of Tokyo and Singapore, respectively, as well as Swiss Impact Investor Lesing Artha. Earlier in 2019, the firm had raised $2.5 million.
The start-up will use these new funds to expand across Bangalore and markets around the Nilgiris belt. This will involve onboarding more than 2,000 small farmers, over 2,000 standalone retailers; entry into modern retail and direct-to-consumer via Internet-based food delivery platforms by end of this year.
Entrepreneur.com reports how the Bengaluru-based firm is an end-to-end aggregator platform that connects premium perishable vegetables from farm to fork. The start-up onboards farmers in the Nilgiris belt and supplies hill vegetables, herbs, leafy greens and organics all year round to retailers and consumers.
The start-up, which was founded in 2015, leverages data science driven demand-supply synchronization, farm analytics and ‘just in time’ engines to prevent food wastage, improve agricultural efficiency as well as stabilize livelihoods of farmers specializing in perishable vegetables.
The platform is connected to over 1,000 farmers from the belt and delivers their fresh produce to over 110 postal codes across Bengaluru and neighbouring towns, catering to more than 800 exclusive retailers.