Agridex, a revolutionary development for the agriculture sector and a Solana-based RWA marketplace completed a successful seed funding round. Agridex is a Solana-based real-world asset (RWA) marketplace. It is established to reshape the global agricultural industry.
On May 9, the AgriDex platform announced that they were done with the successful closure of their pre-seed funding round after securing $5 Million. It has received funding from renowned industry players, namely Endeavour Ventures, Parrogate, Oldenburg Vineyards and Hank Oberoi.
We're thrilled to announce the successful closure of our pre-seed funding round!
— AgriDex (@AgriDexPlatform) May 9, 2024
Agridex has secured $5M from prominent industry leaders, including Endeavour Ventures, Parrogate, Oldenburg Vineyards, and Hank Oberoi.
We'll be using this investment to revolutionize the global… pic.twitter.com/oDdORk0khA
The collected funds will be utilized to change the agriculture industry with the help of the powerful infrastructure of the Solana network.
Endeavour Ventures, a technology-focused venture capital firm, facilitated the seed funding round. Co-founder and CEO Herry Duckworth said that they began collecting the fund in September 2023 and closed it in February 2024. The first round was an equity round, which raised the valuation of Agridex to approximately $18 Million.
Soon after completing this equity round, Bill Cunningham, co-founder and CEO of Endeavour Ventures, joined AgriDex’s board.
What Will AgriDex Do?
It will cater to the complex and inefficient nature of the agriculture supply chain by providing a fully transparent, integrated marketplace.
It will leverage blockchain technology to enable traceability, frictionless payment, fraud-resistant transactions, verified certifications, simplified taxation and subsidy management.
What Gave Birth To The Idea Of AgriDex?
The concept of AgriDex was born out of deep experience by the founding team. They faced problems in agricultural supply chains and building and rolling out transformational technology companies.
Despite the significant developments in the global market, agricultural product trading was outdated because of a range of food quality standards, jurisdictions, taxation regimes, languages, and currencies. This led to a risk of fraud.
Services That Agridex Will Offer
Payment Facilitation
The payment system used to take 3-7 days with an average fee of 6%, which could reach up to 10% for each trade.
However, Agridex can facilitate immediate payment with various settlement choices, including institutional methods such as USDC. It will reduce borrowing costs and the time needed for finance.
Legal Costs
It accounts for 1-1.5% of the cost of an agricultural trade. However, Agridex will apply a fixed fee across all jurisdictions. As it leverages blockchain technology, the immutable record of tax and excise simplifies audits to reduce administration costs and legal risks. It will enable fair and equitable transactions.
Traceability & Certificate Verification
The online storage of documents will reduce the risk and cost of wet signatures and will be easy to trace.
Food Fraud
Immutable record-keeping will make it easier to identify, prove and reduce fraud.
Fair Access
It will reduce the entry barriers; online literacy and connectivity will only be required. It will improve credit channels.
