The biotechnology startup Zaara Biotech, fostered under the Kerala Startup Mission's (KSUM) flagship Innovation and Entrepreneurship Development Centre (IEDC) scheme, has scooped up an undisclosed amount of investment from US-based Transcend International to set up the startup's algal seaweed technology facility in the US.
Zaara Biotech will use the amount for setting up a manufacturing facility for food and beverages under the brand name 'B-lite', an algal seaweed culturing facility, and in the US.
A statement was made on 2021 Saturday that Zaara Biotech had secured a $10 million investment from UAE-based TCN International Commerce for the same technology.
Najeeb also said that all activities of Zara Biotech USA will be restricted to the US only, as globally Zaara Biotech India acts as a parenting company.
He added that the startup connects various partners in different locations to expand the business with algae seaweed products in the existing FMCG market.
The biotech company has also manufactured India’s first algae seaweed cookies, including High Protein Algal Spirulina Cookies.
John M Thomas, the CEO, of KSUM, said that the growth of Zaara Biotech is a testament to the vibrancy of IEDC in nurturing entrepreneurial skills among students.
“IEDCs help aspiring entrepreneurs get ample exposure and technology skills, besides promoting an environment to set up ventures by developing innovative products of social relevance. Zaara’s achievement will certainly be an inspiration for the fledgling startups at IEDCs’’, he added.
In addition to the GITEX 2019 performance held at the World Trade Centre, Dubai, Zaara proceeded through KSUM’s IEDC event.
KSUM has a network of around 320 mini-incubators, called IEDCs, across campuses to promote technological entrepreneurship among students.
IEDC was launched in 2014 and aims to promote a culture of innovation and entrepreneurship in educational institutions and to develop institutional mechanisms to promote techno-entrepreneurs.