Solana based Platform AgriDex raises 5 million Dollar Funding to Tokenize Agricultural Commodities
AgriDex, a Solana-backed real-world assets (RWA) marketplace, has raised $5 million in a pre-seed funding round to tokenize agricultural commodities and enable trading of those tokenized commodities.
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
According to a report by The Block, Endeavour Ventures, a tech-focused venture capital firm, led the round, with South African wine group Oldenburg Vineyards, African Crops Limited, and Hank Oberoi, a former Goldman Sachs and Citadel executive, participating as investors in the pre-seed funding round.
Co-founder and CEO Herry Duckworth told The Block that AgriDex closed the funding round in February after starting to raise money in September of last year. AgriDex's valuation increased to about $18 million as a result of the equity round, according to Duckworth, who also mentioned that Endeavour Ventures CEO and co-founder Bill Cunningham joined AgriDex's board as part of the agreement.
AgriDex aims to increase profitability and reduce costs for governments, farmers, and investors. "We're only beginning to explore the potential that AgriDex has to save stakeholders billions of dollars annually," Duckworth stated, highlighting Solana's quick settlement, high throughput, and low fees.
London-based AgriDex plans to initially list and tokenize agricultural products such as grains, sugar, and cocoa, while more commodities will be supported on the platform in the future with new partners and investments. Duckworth added.
According to Duckworth, AgriDex plans to introduce its platform and AGRI token during the third quarter of this year.
He stated, "Users will be rewarded and incentivized based on trade volumes, platform engagement, and community engagement using AgriDex tokens." Furthermore, in the upcoming months, AgriDex will carry out a token airdrop for its community. As stated in its whitepaper, AgriDex has designated 50 million tokens out of a total of 1 billion tokens, or 5% of the token's supply, for airdrops.
AgriDex intends to offer its tokens for public purchase at a rate of $0.10 per token, and the company plans to use 50% of its profits to buy back tokens and burn them, according to Duckworth.
The tokenization of RWA is a rapidly growing trend in the cryptocurrency sector, with most startups focusing more on assets like bonds, stocks, and metal commodities like gold. However, AgriDex, the tokenization platform based on Solana, is making an effort to include the $2.7 trillion global agriculture market and bring agricultural commodities onto the blockchain.
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