Omnivore, a prominent venture capital firm, has successfully raised $150 million as the first close of its third fund, surpassing its initial target of $130 million. The Omnivore Agritech and Climate Sustainability Fund, launched in April last year, aims to invest in 25-30 agritech startups during seed and Series A funding rounds, with check sizes ranging between $1 million and $5 million. The fund specifically focuses on startups operating in the agriculture, food, climate, and rural economy sectors.

Mark Kahn, Managing Partner of Omnivore, expressed his enthusiasm for the continued interest of both domestic and overseas investors in the Indian startup ecosystem, particularly in early-stage funding. He stated, “We are delighted to see strong support from investors for our third fund. It reflects their confidence in Omnivore’s track record and our ability to identify and nurture promising agritech startups.”

Investors in Omnivore’s third fund include KfW, Self Reliant India (SRI) Fund, FMO, SIFEM, the International Finance Corporation (IFC) with support from the Bill & Melinda Gates Foundation Inclusive Agritech Facility, Louis Dreyfus Company Ventures, the Dutch Good Growth Fund (DGGF), the Belgian Investment Company for Developing Countries (BIO), and Yara Growth Ventures. With this successful first close, Mark Kahn predicts that the final close of the fund may reach a size of $170 million to $180 million.

Founded in 2011 by Mark Kahn and Jinesh Shah, Omnivore has already supported over 40 startups, boasting a portfolio that includes industry leaders such as DeHaat, Reshamandi, and Pixxel. The firm’s second fund had raised $82 million. Kahn remains optimistic about the potential of India’s agriculture segment within the startup ecosystem, as new companies continue to emerge with strong teams and robust business models. He emphasized, “Startups are transforming rural India, and we are excited to be a part of this journey.”

Over the past year, Omnivore has successfully exited two agritech startups. In July 2022, the venture capital firm sold its stake in aquaculture IoT startup Eruvaka to Nutreco, a global leader in animal nutrition and aquaculture, marking the largest exit in Indian agritech to date. In March 2023, Omnivore also sold its stake in precision sprayer manufacturer MITRA to Mahindra, a prominent farm machinery giant.