AgriDex, a Solana-based tokenization platform focused on agricultural commodities, has raised $4 million in a strategic funding round.

The round was led by Portal Ventures, with participation from Endeavour Ventures, Hawkwood Capital, HU Investments, FS Ventures and Sycamore Gap Management Ltd. Company, AgriDex said Thursday. Angel investors, including Tobechi Bolanle Taiwo of Palantir, Anna Yuan of Perena, Crypto Rand and Michaël van de Poppe, also joined the round.

AgriDex began raising money for the strategic round in September and closed it earlier this month, co-founder and CEO Henry Duckworth told The Block. The round was structured as a mix of equity and tokens and valued AgriDex at $28.5 million post-money, Duckworth said. Meanwhile, the platform's AGRI token has a current fully diluted valuation of around $103 million, according to CoinGecko.

AgriDex's strategic round follows a $5 million pre-seed round seven months ago, bringing its total funding to $9 million.

With the new funding, AgriDex plans to tokenize and process $4.5 billion in pending trade commitments from partners like Future Farms, Oldenburg and the Parrogate Group. The platform also plans to expand its reach to tokenize new commodities, including West African cocoa and Eastern European wheat. To date, AgriDex has facilitated trades involving tokenized wine, olive oil, coffee and livestock, including a royal bull from England's Gatcombe Park.

London-based AgriDex tokenizes agricultural commodities using non-fungible tokens (NFTs), offering censorship-resistant transaction records and direct trade between farmers and buyers. The platform aims to enhance supply chain transparency with features such as compliance control, quality checks and tracking.

In partnership with Plume Network, AgriDex plans to also offer trade finance lending to support agricultural orders and streamline financial flows.

"We have signed a memorandum of understanding (MoU) with Plume for them to provide debt financing on our platform for traders and producers," Duckworth said. "The definitive agreement will be for one year from its effective date, with the option to renew for an additional one-year term."

AgriDex's AGRI token launched last week and is currently trading at around $0.1001, according to CoinGecko. While the firm initially planned to allocate 5% of the token's total supply (50 million tokens) for a community airdrop, it revised this to 2%, reallocating the difference to ecosystem development (increased from 27% to 30%). The airdrop is partially completed and will continue over the next several months, Duckworth said.

AgriDex currently employs over 20 people. Recent hires include Omar Anwar, a trained doctor and strategy consultant, as head of partnerships, and Andrew Wardrop, a tech and business manager, as head of product, Duckworth said.

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