Coromandel Intl Limited’s VC arm, Dare Ventures to invest in String Bio.
Coromandel International Limited’s venture capital arm, Dare Ventures, has joined an investment round in the biotech startup String Bio in Bengaluru. Woodside Energy Group, as well as existing investors Ankur Capital, Redstart, and Zenfold Ventures, also put money into this round.
The company hasn’t said how much it has put into the startup, though.
Sameer Goel, Director of Dare Ventures and Managing Director of Coromandel International, said in a statement on Thursday, ‘Our goal has been to find and support agritech startups that we think will have a transformative effect in their respective fields.’
‘In String Bio, we see a new biotechnology company that serves the growing market for sustainable products in the agri-inputs space, both in India and abroad,’ he said.
The money came from the first $20 million of the Series B fundraise.
A representative from Dare Ventures said, ‘String Bio’s innovative technology platform uses advances in biology, fermentation technology, chemistry, and process engineering to turn methane into high-quality products and ingredients for agriculture, animal nutrition, human nutrition, and personal care.’
The new company also made biostimulant products for both small- and large-scale crops. The statement said, ‘These products are made to increase the yield while also reducing greenhouse gas emissions from agriculture and meeting the demand for natural and healthy food.’
The company has teamed up with Woodside Energy Technologies to make protein ingredients for animal food that are good for the environment.
Vinod Kumar, Co-founder and Managing Director of String Bio, said, ‘With Dare Ventures and other Series B investors on board, we’ll be able to speed up production and market growth of carbon-friendly products for the Agri sector.”