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<p><strong><em>Agridex, a revolutionary development for the agriculture sector and a Solana-based RWA marketplace completed a successful seed funding round.</em> Agridex is a Solana-based real-world asset (RWA) marketplace. It is established to reshape the global agricultural industry.</strong></p>
<p>On May 9, the AgriDex platform announced that they were done with the successful closure of their pre-seed funding round after securing $5 Million. It has received funding from renowned industry players, namely <strong>Endeavour Ventures</strong>, <strong>Parrogate, Oldenburg Vineyards and Hank Oberoi</strong>.</p>
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  <p lang="en" dir="ltr">We're thrilled to announce the successful closure of our pre-seed funding round!<br><br>Agridex has secured $5M from prominent industry leaders, including Endeavour Ventures, Parrogate, Oldenburg Vineyards, and Hank Oberoi. <br><br>We'll be using this investment to revolutionize the global… <a href="https://t.co/oDdORk0khA" rel="noopener noreferrer nofollow">pic.twitter.com/oDdORk0khA</a></p>— AgriDex (@AgriDexPlatform) <a href="https://twitter.com/AgriDexPlatform/status/1788572073704481217?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 9, 2024</a>
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<p>The collected funds will be utilized to change the agriculture industry with the help of the powerful infrastructure of the Solana network.</p>
<p><strong>Endeavour Ventures</strong>, a technology-focused venture capital firm, facilitated the seed funding round. Co-founder and CEO <strong>Herry Duckworth</strong> said that they began collecting the fund in September 2023 and closed it in February 2024. The first round was an equity round, which raised the valuation of Agridex to approximately $18 Million.</p>
<p>Soon after completing this equity round, <strong>Bill Cunningham</strong>, co-founder and CEO of <strong>Endeavour Venture</strong>s, joined <strong>AgriDex’s</strong> board.</p>
<h2 class="wp-block-heading" id="strong-what-will-agridex-do-strong"><strong>What Will AgriDex Do?</strong></h2>
<p>It will cater to the complex and inefficient nature of the <a href="https://www.thecoinrepublic.com/2021/06/26/blockchain-platform-developed-by-the-australian-state-government-could-help-prevent-a-tower-block-fire-2/" target="_blank" rel="noopener noreferrer nofollow">agriculture supply chain</a> by providing a fully transparent, integrated marketplace.</p>
<p>It will leverage <strong>blockchain technology</strong> to enable t<strong>raceability, frictionless payment, fraud-resistant transactions, verified certifications, simplified taxation and subsidy management.</strong></p>
<h3 class="wp-block-heading" id="strong-what-gave-birth-to-the-idea-of-agridex-strong"><strong>What Gave Birth To The Idea Of AgriDex?</strong></h3>
<p>The concept of <strong>AgriDex</strong> was born out of deep experience by the founding team. They faced problems in agricultural supply chains and building and rolling out transformational technology companies.</p>
<p>Despite the significant developments in the global market, agricultural product trading was outdated because of a range of food quality standards, jurisdictions, taxation regimes, languages, and currencies. This led to a risk of fraud.</p>
<h3 class="wp-block-heading" id="strong-services-that-agridex-will-offer-strong"><strong>Services That Agridex Will Offer</strong></h3>
<h4 class="wp-block-heading"><strong>Payment Facilitation</strong></h4>
<p>The payment system used to take 3-7 days with an average fee of 6%, which could reach up to 10% for each trade.</p>
<p>However, <strong>Agridex </strong>can facilitate immediate payment with various settlement choices, including institutional methods such as <strong>USDC</strong>. It will reduce borrowing costs and the time needed for finance.</p>
<h4 class="wp-block-heading"><strong>Legal Costs</strong></h4>
<p>It accounts for 1-1.5% of the cost of an agricultural trade. However, Agridex will apply a fixed fee across all jurisdictions. As it leverages blockchain technology, the immutable record of tax and excise simplifies audits to reduce administration costs and legal risks. It will enable fair and equitable transactions.</p>
<h4 class="wp-block-heading"><strong>Traceability &amp; Certificate Verification</strong></h4>
<p>The online storage of documents will reduce the risk and cost of wet signatures and will be easy to trace.</p>
<h4 class="wp-block-heading"><strong>Food Fraud</strong></h4>
<p><strong>Immutable</strong> record-keeping will make it easier to identify, prove and reduce fraud.</p>
<h4 class="wp-block-heading"><strong>Fair Access</strong></h4>
<p>It will reduce the entry barriers; online literacy and connectivity will only be required. It will improve credit channels.</p>

Agridex, A Solana-based Platform, Received Seed Funding Of $5M

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Thecoinrepublic.com

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