Outside Source
AgriDex, a Solana-based tokenization platform for agriculture markets, has raised $4 million in a funding round that attracted several venture capital firms and angel investors.
The Solana (SOL) real-world assets marketplace announced that venture capital platform Portal Ventures led the strategic round.
AgriDex also received investment from Endeavour Ventures, HU Investments, FS Ventures, Hawkwood Capital, and Sycamore Gap Management. The London-based crypto startup saw participation from several angel investors, including Palantir’s Tobechi Bolanle Taiwo and Perena’s Anna Yuan, among others.
In total, AgriDex has raised over $9 million from investors, following a $5 million pre-seed round earlier in the year.
“This funding will help us to bring the world’s most essential industry – Agriculture, onto the Solana blockchain,” the AgriDex team posted on X.
AgriDex plans to use the new funding to onboard major agricultural institutions, including Imperial Shipping Group, Parrogate Group, and Future Farm. The platform also aims to expand its collaborations with Circle, Bridge, and Plume Network to bring tokenization and trade finance lending to the agriculture industry.
Solana’s blockchain facilitates AgriDex’s onboarding of tokenized agricultural commodities, enabling vendors and buyers to benefit from instant settlements, low transaction fees, and immutable records secured by non-fungible tokens.
The platform has already brought multiple agricultural products on-chain, including wine, coffee, and olive oil. AgriDex leverages Solana’s blockchain technology to enhance supply chain management processes, such as compliance, quality checks, and tracking.
Native token AGRI rose to an all-time high of $0.1201 on Dec. 12, with gains of 79% since its low of $0.06265 on Dec. 6.
This article first appeared at crypto.news
