AgriDex, a Solana 
SOL -3.38% -based platform focused on tokenizing agricultural commodities, has raised $5 million in a pre-seed funding round.
Endeavour Ventures, a tech-focused venture capital firm, led the round, with African Crops Limited, Oldenburg Vineyards and Hank Oberoi, a former Goldman Sachs and Citadel executive, participating, London-based AgriDex said Thursday.
AgriDex began raising for the round last September and closed it in February, co-founder and CEO Herry Duckworth told The Block. It was an equity round and brought AgriDex's valuation to around $18 million, Duckworth said, adding that as part of the deal, Endeavour Ventures co-founder and CEO Bill Cunningham has also joined AgriDex's board.
AgriDex is a Solana-based platform that tokenizes agricultural commodities and enables trading of those tokenized commodities. Each transaction on AgriDex is represented by minting a non-fungible token (NFT) that permanently records all products, pricing, payment and other details.
AgriDex aims to help investors, farmers, and governments save costs and improve their profitability. "AgriDex has the potential to save stakeholders billions of dollars a year, and we're only just scratching the surface," Duckworth said, noting Solana's fast settlement, high throughput, and low fees.
AgriDex plans to initially tokenize and list agricultural commodities such as sugar, grains, and cocoa, Duckworth said, adding that the platform will support more commodities in the future with new partners and investments.
Duckworth said AgriDex is expected to launch its platform and token AGRI in the third quarter of this year.
"AgriDex tokens will be used to incentivize and reward users based on trade volumes, platform engagement and community engagement," he said.
AgriDex will conduct a token airdrop for its community in the coming months, Duckworth said. AgriDex has set aside 5% of its token's total supply, or 50 million tokens from the total 1 billion, for airdrops, according to its whitepaper.
Duckworth said AgriDex also plans to hold a public sale of its token at a price of $0.10 per token.
The startup also plans to use 50% of its profits to buy back tokens and burn them, Duckworth said. Profits will be accrued quarterly, and the buyback process will be undertaken daily, according to the whitepaper.
There are nearly 20 people working for the London-based AgriDex, and Duckworth plans to grow the team as needed.
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