Biotech startup Loopworm raised $3.4 million in Seed co-led by Omnivore and WaterBridge Ventures where Titan Capital and angel investors including Nadir Godrej from Godrej Agrovet, Sanjiv Rangrass from ITC, and Akshay Singhal from Log9 Materials also participated.
Loopworm converts food waste into protein-rich ingredients. To accomplish this, it collaborates with smallholder farmers to establish decentralised insect rearing facilities. The startup intends to use the funds to hire new employees, expand its R&D capabilities, and open its first factory to scale up production. The biotechnology sector in India, which was valued at $63 billion in 2019, is expected to grow to $150 billion by 2025, at a CAGR of 16.4%. Loopworm competes in the sector with other biotech startups such as String and Eyestem.