ONSOH, maker of RG92 feed additive from Beppu hot-spring microalgae, raises convertible bond funding
Funds Startups' second venture debt fund provided the convertible bond; the amount is undisclosed. RG92 for cattle, pigs, chickens and fish is in university and field trials.
Japanese startup ONSOH, which develops the bio-material RG92 for livestock and aquaculture, has received convertible bond financing from Funds Venture Debt Fund No. 2 LPS, operated by Funds Startups, The Bridge reports. Funds Startups announced the deal on the 6th and did not disclose the amount. thebridge.jp
The Bridgethebridge.jpOpen source ↗ It is the first convertible bond for Funds Startups and its funds.
RG92 is a functional material extracted from a proprietary strain of green microalgae that grows in the high-temperature, mineral-rich environment of Beppu hot springs. According to the company, it acts on the gut environment and innate immunity. ONSOH handles strain search and research, scaled-up cultivation, quality control and sales.
The material is being tested in cattle, pigs, chickens and fish at universities, research institutes and production sites. Expected effects include better weight gain and feed efficiency in cattle and pigs, better laying rate and egg quality in chickens, and faster growth and stress tolerance in fish. Reported examples include higher average weight in cattle, fewer incidents in pigs and a higher growth rate in flounder.
ONSOH will use the funds for R&D and sales, expanding in Japan and working with overseas partners, including in India and Southeast Asia. thebridge.jp
The Bridgethebridge.jpOpen source ↗
