TCN invests $10M in Zaara for ‘Algae –Seaweed Technology’ project

Date: 2021-03-22   Author: Pankaj Singh  Category: #news

TCN invests $10M in Zaara for ‘Algae –Seaweed Technology’ project

Zaara Biotech, a biotechnology startup company, has reportedly secured a $10 million investment from TCN International Commerce LLC, a technology company based in the UAE. This investment is associated with the biotech startup’s new project known as ‘Algae –Seaweed Technology’, which comes under the B-lite Cookies brand.

Zaara’s product was 1st showcased during the GITEX 2020 international conference that was held in Dubai. The company was a part of the KSUM-led international startup delegation. It has been gaining robust support from the Innovation & Entrepreneurship Development Centre scheme under Kerala Startup Mission as well as focusing on research activities in food and energy crisis by using micro-algae.

KSUM is the central agency of the Kerala Government for incubation and entrepreneurship activities in the region. On the other hand, TCN International has been maintaining its presence in oil & gas, aviation, critical service providers, defense, construction & engineering, FMCG, education, healthcare, trading, business process management, and IT, among other sectors.

For the record, the startup will use the latest funding for its production, R&D, distribution, and marketing as well as operate under TCN International to expand globally. Najeeb Bin Haneef, Chief Executive Officer and Founder of Zaara Biotech, and Mohamed Shafi Abdulla, Managing Director and Chairman of TCN International, signed an MoU for this deal in Sharjah.

Sahrdaya Technology Business Incubator has significantly aided in the development of Zaara. Moreover, the company has collaborated with CIFT, which helped it become the 1st algal-seaweed food product designer in India. Initially, its team of experts had established a Mushroom Hub at the campus prior to making their entrepreneurial venture. The startup has effectively put India at the forefront of bioengineering as it had designed photobioreactors by using micro-algae. Its efforts and achievements also have achieved high recognition from India and abroad.

Source credit:

https://www.thehindubusinessline.com/news/student-biotech-startup-bags-10-million-investment-from-uae-firm/article34122793.ece

 



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Pankaj Singh

Pankaj Singh Develops content for Algosonline, Market Size Forecasters, and a couple of other platforms. A Post Graduate in Management by qualification, he worked as an underwriter in the UK insurance domain before deciding to switch his field of profession. With exp...

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