Bengaluru-based FreshToHome, on Monday, announced that it has received fresh funding from Abu Dhabi Investment Office (ADIO) to develop its agritech projects in Abu Dhabi. The financials of the deal were not disclosed.
With its new agritech project, FreshToHome aims build next-gen aquaculture and agriculture solutions to support food production in arid climates.
Founded in 2015 by Shan Kadavil (CEO), FreshToHome enables its marketplace sellers to source and sell meat and fish directly from livestock farmers and fishermen in most major Mumbai, Delhi/NCR, Bangalore, Hyderabad, Pune, Kerala and Tamil Nadu and in the United Arab Emirates (UAE).
Commenting on investing in FreshToHome, Tariq Bin Hendi, Director General of ADIO, in a statement said,
“The rapid growth of Abu Dhabi’s [agritech] ecosystem is giving rise to new technologies supporting the advancement of the agriculture sector in the emirate, region and beyond. We have created an environment where innovators are supported to turn their ideas into reality. We look forward to working closely with FreshToHome in the coming months to create new innovations that will advance our goal of turning the desert green,”
Shan Kadavil, CEO and co-founder of FreshToHome, said,
“At FreshToHome, we use cutting-edge research in AI and precision aquaculture for furthering food security in a sustainable manner while also giving better value to consumers, fishermen and farmers. To this end, we intend to bring our US patent pending AI-powered Virtual Commodities Exchange technology, our e-grocery platform and our nano farm aquaculture technology to Abu Dhabi, enhancing food production and distribution for the region. ADIO has been a terrific partner to us and we are thankful for their support in helping us be part of the vision,”
Besides FreshToHome, ADIO has reportedly also partnered with two other agritech players, Pure Harvest and Nanoracks; the three startups will receive financial and non-financial incentives amounting to AED 152 million (around $41 million) to pave towards emirate’s innovation ecosystem.
In late October, FreshToHome raised $121 million in its Series C round from Investment Corporation of Dubai (ICD), Bahrain-based Investcorp, US-based DFC, and India’s Ascent, the Allana Group and Iron Pillar; notably India’s largest Series C investment in consumer tech. The company also raised $11 million from UAE’s CE Ventures last year – marking its expansion in the UAE.