Bengaluru-based agritech startup Airbono has raised $2.5M in pre-series A funding round led by impact investment from Menterra Venture Advisors. The other investors in the round include Zurich-based Artha Ventures, Milliways Venture, Japanese fund Rebright Partners, and 3one4 capital.
The startup company is an agricultural service provider founded in 2014 by Vivek Rajkumar. The Airbono platform uses Artificial Intelligence and Data Science to assist farmers with accurate agriculture measures. The agritech based service provider also aggregates the demand for agriculture supplies by coordinating with small retailers.
The startup has built a real-time demand-sync product by using the predictive and harvesting model to gross the creation and consumption of the food chain. So far, the startup has raised $600k from Milliways and other investors in seed funding series.
Till date, the company has about 400 farmers working with the company who are from the Nilgiris belt and 250 retailers in Bengaluru. With the fundings, Airbono plans to expand the services to nearly 2000 farmers and about 1000 small retailers. It also plans to expand its services and operations in South India with new farm belts.
Bengaluru-based Menterra Ventures invested in the Airbono company with an aim to resolve various social issues. The company launched the social impact fund to make an early stage investment in startups who are working across energy, education, agriculture, skilling, and healthcare sectors in 2016.