[Funding alert] Biocraft Innovation Technology raises undisclosed pre-seed round from JITO Angel Network
JITO Angel Network (JAN) has invested an undisclosed amount in a pre-seed funding round in Biocraft Innovation Technology.
Promoted as IBANSS (Innovative Bamboo), Biocraft Innovation is developing bamboo resources for India to be used in industrial use by developing injection moulding granules and can be used to replace plastic and are 100 percent biodegradable and cost-effective.
“We are excited to get investment from JITO Angel Network for our endeavour to impact the environment and livelihood as it resonates well with our investors’ concerns for sustainable development goals,” said Anubhav Mittal, Co-founder of Biocraft.
Founded in 2019 by Vibha Mittal and Anubhav Mittal, IBANSS will use the funds for strengthening its operations, marketing, increasing team building activities, and scaling up its production.
The funding will also give a big boost to the startup to kick start its granules production. IBANSS already has contracts from development agreements with Welspun, Nirmal Fibres, Marlux UK, Kering France, Unati, and Aspire Oral Care, among others.
“Low carbon Bamboo as input feedstock will help brands get compliant with their sustainability targets. These granules have various applications in most of the industries, including packaging, cutlery, textiles, etc. Developed bamboo fiber based 100 percent compostable materials that can be used on standard plastic machines,” Anubhav added.
“More than eight million tonnes of plastic flood our ocean each year, disrupting fragile marine ecosystems and harming wildlife, such as turtles and other mammals. Bamboo is an ideal plastic substitute and environmentally friendly. We, at JITO Angel Network, are proud to invest in the future for a sustainable environment,” said Manoj Mehta, Deal Lead, MTC Group.
JITO Angel Network is a community-based platform focused on new venture investing. The network has a portfolio in various sectors, has invested in 45+ companies, and has taken a few exits. The network is invested in various sectors and is looking to invest in space-tech and defence companies.
JITO Angel Network not only invests in the company but also leverages the entire JAIN Community platform for exponential business growth of their portfolio companies.