Dare Ventures, the venture capital arm of Coromandel International Limited, has joined an investment round in the Bengaluru-based biotech startup String Bio. This round also witnessed investments from Woodside Energy Group and existing investors Ankur Capital, Redstart and Zenfold Ventures.
The firm, however, has not disclosed how much it has invested in the startup.
“Our objective has been to identify and support startups in the agritech space, which we believe will have a transformative impact in their respective applications,” Sameer Goel, Director, Dare Ventures, and Managing Director, Coromandel International,” said in a statement on Thursday.
“In String Bio, we see a novel biotechnology company catering to the growing market for sustainable products in the agri-inputs space, both in India and abroad,” he said.
The investment was part of the $20-million first close of the Series B fund raise.
“Through its innovative technology platform, String Bio leverages advances in biology, fermentation technology, chemistry, and process engineering to convert methane into high-quality products and ingredients for agriculture, animal nutrition, human nutrition, and personal care sectors,” a Dare Ventures official said.
The startup also developed biostimulant products for horticulture as well as large-acreage crops. “These products are designed to enhance the yield while simultaneously contributing to the reduction of greenhouse gas emissions from agriculture, and catering to the demand of natural and healthy produce,” the statement said.
The company has tied up with Woodside Energy Technologies for the production of sustainable protein ingredients for animal nutrition.
“With the onboarding of Dare Ventures and other Series B investors, we will now be able to scale up the manufacturing and market growth of carbon-friendly products for the agri sector at a greater speed,” Vinod Kumar, Co-founder and Managing Director of String Bio, said.
July 21, 2022