Hotline: 1800 102 2007
X
Search Business Opportunities
Apr, 30 2018

Dutch aquafeed firm Nutreco Buys 25% stake in agri-tech startup Eruvaka

Eruvaka develops connected devices and mobile-based decision tools to help aquaculture farmers reduce risk and increase productivity.

Eruvaka, an Internet of Things-based agri-tech startup, has raised an undisclosed amount from Dutch animal nutrition and aqua feed firm Nutreco and existing investor Omnivore in a Series B investment round.

Nutreco led the investment, picking up 25% stake in Eruvaka and forging a commercial partnership to help scale it globally, the Vijayawada-based startup said in a statement.

Nutreco’s chief innovation officer Viggo Halseth will join the board of Eruvaka.

Eruvaka had earlier received an undisclosed amount in Series A funding from early-stage venture capital firm Omnivore (earlier Omnivore Partners), widening the gap between the two consecutive funding rounds  where the Series B round has come nearly five years later

Eruvaka develops connected devices and mobile-based decision tools to help aquaculture farmers reduce risk and increase productivity. The startup was founded in 2012 by Sreeram Raavi, an electronics engineer with a background in semiconductors.

The company’s products allow farmers to monitor pond parameters and remotely control automated equipment. It says these products, which involve the use of cloud analytics and integrated sensors, significantly reduce farming risk while increasing feed efficiency, shrimp growth, and farm profitability.

As part of the deal, Nutreco’s aquaculture division, Skretting, will work directly with Eruvaka to implement its precision farming technology, initially in Latin America.

According to the company, the technology will be incorporated into AquaSim, Skretting’s suite of customised performance tools, to allow local shrimp farmers to remotely ensure accurate dosages of the right feed when their stock requires it, thereby avoiding over- or under-feeding.

“Eruvaka’s products perfectly complement our shrimp feed business and will help us further build scale across Latin America and Asia,” said Nutreco chief executive officer Knut Nesse.

Nutreco operates with 12,000 employees across 32 countries with net sales of 5.9 billion euros in 2016. Its two global company brands Skretting (aqua feed) and Trouw Nutrition (animal nutrition) sell products in more than 90 countries.

Comment
Related opportunities
  • Casual dine Restaurants
    About: Mamu’s Infusion is a highly-popular and renowned fine dine restaurant..
    Locations looking for expansion Rajasthan
    Establishment year 1990
    Franchising Launch Date 2017
    Investment size Rs. 50lac - 1 Cr.
    Space required 150
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Jaipur Rajasthan
  • Opticians/Eye Wear
    About Us: Established in 2010 Mujosh is Cutting edge fashion eyewear..
    Locations looking for expansion Delhi
    Establishment year 2019
    Franchising Launch Date 2019
    Investment size Rs. 30lac - 50lac
    Space required 300
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater New delhi Delhi
  • Others Food Service
    About Us: Pind Balluchi a unique restaurant with an Ambience of..
    Locations looking for expansion Delhi
    Establishment year 1992
    Franchising Launch Date 2018
    Investment size Rs. 50lac - 1 Cr.
    Space required 2800sqft.-3200sqft.
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater New delhi Delhi
  • Competitive Exam Coaching Institute
    Want to be an entrepreneur in the education sector? IBT..
    Locations looking for expansion New Delhi
    Establishment year 2008
    Franchising Launch Date 2009
    Investment size Rs. 2lac - 5lac
    Space required 800
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater Central Delhi New Delhi
Insta-Subscribe to
The Franchising World
Magazine
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities