December 13, 2024
AgriDex, a blockchain platform based on Solana, has secured $4 million in a strategic funding round aimed at expanding its agricultural tokenization services. Leading the round was Portal Ventures, with additional backing from Endeavour Ventures, Hawkwood Capital, HU Investments, FS Ventures, and Sycamore Gap Management Ltd. The funding also saw participation from several angel investors, including Tobechi Bolanle Taiwo, Anna Yuan, Crypto Rand, and Michaël van de Poppe. This latest investment boosts AgriDex's total funding to $9 million, following its $5 million pre-seed round earlier in the year.
Focused on revolutionizing the agricultural commodity market, AgriDex utilizes blockchain technology to tokenize various products, including wine, olive oil, coffee, and livestock. The platform aims to boost the efficiency, transparency, and security of trade between farmers and buyers through non-fungible tokens (NFTs). With this new funding, AgriDex plans to extend its tokenization efforts to commodities such as cocoa from West Africa and wheat from Eastern Europe. Furthermore, the company has partnered with Plume Network to introduce trade finance lending, streamlining financial processes within the agricultural sector.
In addition to its tokenization efforts, AgriDex recently launched the AGRI token, which has a fully diluted market valuation of approximately $103 million. The company made changes to its token distribution strategy, reducing the planned community airdrop from 5% to 2%, with the remainder directed toward ecosystem development. The AGRI token is actively traded, and AgriDex continues its efforts to build a more robust ecosystem with ongoing initiatives, including the completion of its airdrop.
About AgriDex
AgriDex is a blockchain platform that tokenizes agricultural commodities using NFTs. The platform ensures secure, transparent transactions between farmers and buyers and currently supports products like olive oil, coffee, and livestock. AgriDex plans to expand its offerings to include commodities such as cocoa and wheat.
Website: https://agridex.com/
X: @AgriDexPlatform
About Investor
Portal Ventures
Portal Ventures is a venture capital firm specializing in blockchain and technology investments. The firm focuses on early-stage companies that are developing innovative solutions within the blockchain space, including decentralized finance and tokenization projects.
Location: New York, New York
Website: https://portal.vc/
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