Dial Ventures, the agtech venture studio at Purdue University, has achieved a first close of undisclosed size for its Fund II, which it intends to use to build the next batch of startups.
The size of the fund has not been disclosed, and none of the limited partners has been identified, though they include corporates spanning agricultural inputs, equipment manufacturing, ag retail, processing and food production, livestock, and farm operations.
Dial Ventures operates out of the Purdue Applied Research Institute. It builds startups focused on areas such as food safety, supply chain challenges, sustainability, and environmental impact, with direct input from partners.
Fund II will particularly seek out opportunities in AI adoption, supply chain visibility, and workforce management, which have become critical challenges for the industry. Nebraska-based VC firm Grit Road Partners is the general partner.
Fund I enabled Dial Ventures to run six cohorts – typically six startups each, with programmes running for 18 weeks – and build a portfolio valued at more than $30 million.
One successful company created by Dial Ventures is Croft, which has developed a platform to help farm owners stay compliant when they recruit seasonal workers, including from abroad. It has grown to thousands of clients across 45 US states.
“Most innovation in this industry happens at a distance—observed, not built. What we’ve proven through Fund I is that a different model works. You start with the real problem, you build alongside the people who live it, and you end up with startup company solutions the industry will actually adopt.”
Allan Gray, executive director of Dial Ventures
The next cohort is expected to begin in August, and Fund II will continue to raise capital on a rolling basis.
