MyRain News & Updates
MyRain Closes Angel Round
MINNEAPOLIS (4/30) – MyRain LLC and Acara, a program of the Institute on the Environment at the University of Minnesota that helps young social entrepreneurs make a positive change in the world, announced today the closing of a capital commitment by select angel investors. This round, which is expected to be the first of two rounds open to angel investors, raised capital solely from advisors to the company. Details of the raise were not made public.
MyRain is a for-profit social venture formed following the 2010 Acara Challenge competition. The company will offer efficient drip irrigation systems to rural farmers in developing countries.
“I am pleased to announce that the capital raised from our initial angel investment round is sufficient to fund MyRain’s first year of operations in the Tamil Nadu region of southern India,” said Steele Lorenz, co-founder and CEO of MyRain. Using the capital from this first round of angel investment, Steele is moving to India to launch operations.
“In many parts of rural India, small-plot farmers rely on flood irrigation, an approach that stunts crops and washes away valuable soil nutrients,” said Sri Latha Ganti, co-founder & COO of MyRain. “By implementing drip irrigation, rural farmers can increase water and fertilizer efficiency by 20 to 50 percent and increase yields by 30 to 100 percent. MyRain also will stimulate local job creation by hiring salespeople from villages and training them to sell, construct and use drip irrigation systems.”
According to Fred Rose, co-director of Acara and a member of MyRain’s advisory board, drip irrigation technology has proliferated to only 5 percent of arable land in India despite its advantages.
MyRain’s purpose is to provide small plot farmers access to drip irrigation technology by addressing the four main tenets of accessibility: education, availability, price and service. Through efficient irrigation, MyRain creates sustainable economic development for small plot and subsistence farmers. The company’s strategic partners include Acara and the Covenant Centre for Development.
“We expect to raise an additional round of angel capital before I leave for India next month,” Lorenz said. “The capital from our second angel investment round will be used to finance MyRain’s second year of operations through to profitability.”
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