NEW DELHI: Agri-tech focused venture capital firm Omnivore on Wednesday announced the first close of its third fund at $150 million (over Rs 1,230 crore).

Launched in 2022, the Omnivore Agritech and Climate Sustainability Fund will continue to focus on startups developing breakthrough technologies for agriculture, food, climate, and the rural economy.

With the third fund, Omnivore expects to make 25-30 new investments in Seed and Series A rounds of agritech startups and MSMEs, with initial cheque sizes ranging between $1 million and $5 million.

“The greatest risk and opportunity for Indian agriculture are the adverse effects of climate change. Our new fund will have a sharper focus on catalysing climate action in agriculture by funding startups addressing climate mitigation and climate adaptation,” said Mark Kahn, managing partner, Omnivore.

First close investors include KfW, the Self Reliant India Fund, FMO, SIFEM and the IFC, with support from the Bill & Melinda Gates Foundation Inclusive Agritech Facility, Louis Dreyfus Company Ventures, the Dutch Good Growth Fund, the Belgian Investment Company for Developing Countries, and Yara Growth Ventures.