Loopworm, a biotech startup, raised $3.4 million in Seed funding from Omnivore and WaterBridge Ventures, with participation from Titan Capital and angel investors like Akshay Singhal from Log9 Materials, Sanjiv Rangrass from ITC, and Nadir Godrej from Godrej Agrovet.
Food waste is transformed into ingredients rich in protein by Loopworm. It works with smallholder farmers to set up decentralised insect rearing facilities in order to achieve this. The business plans to use the money to ramp up production by opening its first plant, expanding its R&D skills, and hiring new employees. With a CAGR of 16.4%, India’s biotechnology market, which was valued at $63 billion in 2019, is anticipated to reach $150 billion by 2025. String and Eyestem are two startups in the biotech industry that compete with Loopworm.