Dare Ventures, the venture capital arm of Coromandel International Limited has announced that they have invested in Bengaluru based biotech startup String Bio alongside Woodside Energy Group and existing investors Ankur Capital, Redstart and Zenfold Ventures. The investment was part of the $20 million first close of the Series B fund raise.
With a vision to build a world where cleaner and better ways of living are enabled by biotechnology, String has developed a set of next generation products across different sectors to deliver such solutions. Through its innovative technology platform, String leverages advances in biology, fermentation technology, chemistry, and process engineering to convert methane (a highly potent green-house gas) into high quality products and ingredients for agriculture, animal nutrition, human nutrition, and personal care sectors.
Targeting the agriculture industry, String has developed several bio stimulant products targeting horticulture as well as large acreage crops. These products are designed to enhance the yield while simultaneously contributing to reduction of greenhouse gas emissions from agriculture and catering to the demand of natural and healthy produce.
In addition, through its protein rich ingredients with robust amino acid and mineral compositions, String is also bringing a paradigm shift in animal nutrition and human nutrition sectors. The company has signed a strategic development agreement with Woodside Energy Technologies Pty Ltd. for production of these sustainable protein ingredients for animal nutrition.
Commenting on the investment Vinod Kumar, Cofounder and Managing Director of String Bio said, “Our fundamental ethos has been to make sustainability market relevant. 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.”
Coromandel, India’s largest private sector phosphatic fertilizer company also has a significant bio-products division with sales across several geographies including India, US, Europe, and Latin America. The company is presently the largest manufacturer of neem-based Biopesticides globally and is also the largest marketer of Organic agri-input products in India.
Commenting on their investment, Mr. Sameer Goel, Director, Dare Ventures Ltd., and Managing Director, Coromandel International Limited said “Coromandel has been pursuing investments in the AgriTech space through our corporate venture capital arm Dare Ventures. Our objective has been to identify and support startups in the Indian AgriTech space, which we believe will have a transformative impact in their respective applications. It excites me to have partnered with String Bio Private Limited. Coromandel is committed to promoting sustainable solutions for agriculture, as is evidenced by our widening portfolio of bio and organic product offerings. 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 globally. String Bio’s core fermentation-based peptide synthesis technology is also being leveraged in animal nutrition, alternative proteins, and personal care space.”