- In a strategic financing round headed by Portal Ventures, AgriDex has raised $4 million.
- Henry Duckworth, co-founder and CEO of AgriDex said that the round increased the company’s post-money equity valuation to $28.5 million.
In a strategic funding round, AgriDex, a tokenization platform centered on agricultural commodities and based in Solana, has raised $4 million.
HU Investments, FS Ventures, Endeavour Ventures, Hawkwood Capital, and Sycamore Gap Management Ltd. Company, Portal Ventures led the round, according to AgriDex on Thursday. The financing also included angel investors Michaël van de Poppe, Perena’s Anna Yuan, Crypto Rand, and Palantir’s Tobechi Bolanle Taiwo.
AgriDex finished the strategic round earlier this month after starting to raise funds for it in September. According to Duckworth, the transaction valued AgriDex at $28.5 million post-money and was set up as a combination of shares and tokens. CoinGecko estimates that the platform’s AGRI coin is currently valued at about $103 million when completely diluted.
Seven months ago, AgriDex finished a $5 million pre-seed round, bringing its total investment to $9 million.
Strategies for expansion
The extra money will be used by AgriDex to tokenize and handle $4.5 billion in unfulfilled trade promises from partners like Oldenburg, Future Farms, and the Parrogate Group. Additionally, the platform intends to broaden its scope in order to tokenize other commodities, such as wheat from Eastern Europe and cocoa from West Africa. To date, tokenized wine, olive oil, coffee, and livestock—including a royal bull from England’s Gatcombe Park—have all been traded through AgriDex.
Non-fungible tokens (NFTs) are used by London-based AgriDex to tokenize agricultural commodities, providing direct trading between producers and purchasers as well as transaction records that are impervious to censorship. With capabilities like compliance control, quality inspections, and tracking, the platform seeks to improve supply chain transparency.
AgriDex intends to provide trade finance lending in collaboration with Plume Network in order to facilitate financial flows and assist agricultural orders.
We have a memorandum of understanding (MoU) with Plume that allows them to finance dealers’ and producers’ loans on our platform. After it goes into force, the final agreement will last for a year, with the possibility of a one-year extension.
Developments of AGRI tokens
CoinGecko reports that AgriDex’s AGRI coin, which debuted last week, is now trading at about $0.1001. The company changed its original plan to donate 5% of the token’s total supply (50 million tokens) to a community airdrop to 2%, moving the remaining funds to ecosystem development (up from 27% to 30%). The airdrop will continue for several months after it is partially finished.
At the moment, AgriDex has more than 20 employees. According to Duckworth, recent recruits include Andrew Wardrop, a tech and business manager, as director of product, and Omar Anwar, a qualified physician and strategic consultant, as head of partnerships.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
