Agri-Tech Startup RegenX Secures $500,000 in Pre-Seed Funding
By: Asia Business Outlook Team | Tuesday, 19 September 2023
RegenX, a Singapore-based climate tech firm focused on regenerative agriculture, has received $500,000 in pre-seed funding from venture capital climate tech venture builder Wavemaker Impact.
RegenX said in a statement on Sept 18 that it is already onboarding farmers and buyers onto its platform and plans to use the new round of funding to accelerate its growth in the Vietnamese coffee market.
RegenX, founded by serial entrepreneur Bao Nguyen, is currently Southeast Asia's only climate tech company that is making regenerative agriculture more profitable than conventional agriculture.
Conventional agriculture, according to the statement, degrades soil health due to the extensive use of chemical fertilisers and monocultures. This results in a constant decrease in yield, threatening food security and farmers' livelihoods.
In contrast, regenerative farming has frequently been identified as a key solution to climate adaptation and mitigation. Transitioning to regenerative farming, on the other hand, remains a daunting challenge for the majority of smallholder farmers. RegenX responds to this challenge with the RegenX Flywheel.
The RegenX Flywheel enables global buyers to source toxic-free and traceable ingredients directly from regenerative farming regions in a market worth more than $100 billion. This enables farmers to receive higher farm-gate prices, which RegenX supports through post-harvesting guidance and regenerative agriculture monitoring.
Better farming economics, in turn, incentivizes regenerative practises, increasing the supply of RegenX ingredients that buyers can secure, resulting in a virtuous cycle.