Biotech firm String Bio raises funds to create alternate proteins for global feed & food companies

Biotechnology company String Bio Pvt Ltd has raised an undisclosed amount of funding from a clutch of investors.

The round has seen participation from Ankur Capital, Oil and Natural Gas Corporation Limited (ONGC), French investor Seventure Partners, Karnataka’s Information and Biotechnology Venture Fund (KITVEN), and Srinivasa Hatcheries. Impact investor Unitus Capital acted as the exclusive financial adviser to String Bio.

The funding will be used to develop next-generation alternative proteins for the global feed and food companies. It will also help the company with its commercial rollout.

The Bangalore-based firm manufactures and provides feed and food ingredients produced through biotechnology-based solutions.

Vinod Kumar, Co-founder of String Bio, said, “Protein is a significant source of energy and there is a growing gap in worldwide protein supply. By 2050, 70 percent of the world’s population is expected to be in urban areas leading to rise in meat consumption. And the existing protein sources in the market are both constrained by climate variability and availability of land and water.”

Ritu Verma, Co-founder and Managing Partner, Ankur Capital, stated, “We are keen on supporting the startup in its early stages.”

Isabelle de Cremoux, CEO and Managing Partner, Seventure Partners, added, “The disruptive approach they have developed to supply qualitative feed ingredients while giving value to one of the most powerful greenhouse gases is of high-value to address the urgent need for alternative sources of protein.”