AgriDex Raises $4 Million in Strategic Funding

AgriDex, a Solana-based tokenization platform focused on agricultural commodities, has raised $4 million in a strategic funding round.

The round was led by Portal Ventures, with participation from Endeavour Ventures, Hawkwood Capital, HU Investments, FS Ventures, and Sycamore Gap Management Ltd. Company, as stated by AgriDex on Thursday. Angel investors, including Tobechi Bolanle Taiwo of Palantir, Anna Yuan of Perena, Crypto Rand, and Michaël van de Poppe, also contributed to the round.

AgriDex began its fundraising efforts in September and successfully closed the round earlier this month, according to co-founder and CEO Henry Duckworth. The funding was structured as a mix of equity and tokens, valuing AgriDex at $28.5 million post-money, Duckworth mentioned. Currently, the platform's AGRI token has a fully diluted valuation of around $103 million, based on CoinGecko data.

AgriDex's strategic funding round comes after raising $5 million in a pre-seed round seven months ago, bringing its total funding to $9 million.

Plans for Growth

With the new funding, AgriDex intends to tokenize and process $4.5 billion in pending trade commitments from partners like Future Farms, Oldenburg, and the Parrogate Group. Furthermore, the platform aims to expand its offerings to tokenize new commodities, including West African cocoa and Eastern European wheat. Thus far, AgriDex has facilitated trades involving tokenized wine, olive oil, coffee, and livestock, including a royal bull from England's Gatcombe Park.

AgriDex tokenizes agricultural commodities using non-fungible tokens (NFTs), providing censorship-resistant transaction records and enabling direct trade between farmers and buyers. The platform seeks to improve supply chain transparency through compliance control, quality checks, and tracking features.

In collaboration with Plume Network, AgriDex plans to offer trade finance lending to support agricultural orders and streamline financial flows.

> "We have signed a memorandum of understanding (MoU) with Plume for them to provide debt financing on our platform for traders and producers," Duckworth revealed. "The definitive agreement will last for one year from its effective date, with an option to renew for an additional year."

AGRI Token Developments

AgriDex's AGRI token launched last week, currently trading at approximately $0.1001 according to CoinGecko. Initially, the firm planned to allocate 5% of the token's total supply (50 million tokens) for a community airdrop but revised it to 2%, reallocating the difference to ecosystem development (increased from 27% to 30%). The airdrop is partially completed and will continue over the coming months, Duckworth stated.

AgriDex currently employs over 20 staff members, with recent hires including Omar Anwar as head of partnerships and Andrew Wardrop as head of product.

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