Bayir Group announces $2.45 million investment via Rabobank
The cash infusion is in the form of two rounds of series B funding arranged through Rabo Equity, a subsidiary of Rabobank. According to Investopedia, “Successive rounds of financing or funding a business are consecutively termed Series A, Series B and Series C financing. The Series B round generally takes place when the company has accomplished certain milestones in developing its business.” Bayir said an additional $1.42 million in financing is in the offing.
The Bayir Group, which consists of BeloorBayir Biotech, Bayir Extracts and Bayir, Inc., says it has grown over the course of 35 years to a $20 million business with more than 500 customers. Its newly launched US division, Bayir, Inc., will serve as the domestic manufacturing arm for the dietary supplement, functional food and beverage, and nutraceuticals industries. The company touts its ‘Bayir Gold’ program, that it says ensures the accountability and traceability of its ingredients.
Part of the new funds will be used to support operation of a fermentation facility in Pune, India, which will be geared specifically towards production of thiocolchicoside, a muscle relaxant. Bayir says it has developed and patented an in-house fermentation method to produce this API among its wide array of premium quality ingredients. The company maintains nine manufacturing facilities worldwide with specialties including bacopa, glucosamine, chondroitin, organic extracts, and a wide range of botanicals such as garcinia and curcumin.
