Murugappa Group entity invests in biotech firm

CHENNAI: Dare Ventures, the venture capital arm of Coromandel International Limited has invested in Bengaluru-based biotech start-up 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. Sameer Goel, Director, Dare Ventures, and MD, Coromandel International said “Coromandel has been pursuing investments in the AgriTech space through our corporate venture capital arm Dare Ventures. 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.”