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CARB-X puts up $24 million to develop new antibiotics

CARB-X, a biopharma accelerator, is backing 11 companies with the funds, including three that are developing new strains of antibiotics. The increase in antibiotic-resistant bacteria — largely due to over-prescription of antibiotics and their excessive use in animal agriculture — is a worrisome development for global health. CARB-X launched last year as a partnership between the U.S. Department of Health

Bipartisan legislation to bring private investment to America’s “emerging markets”

More than three-quarters of all venture capital investment went to California, New York and Massachusetts last year. A new bipartisan bill, the “Investing in Opportunity Act,” aims to spread the wealth by tapping the $2 trillion in unrealized capital gains in stocks and mutual funds. The bill would set up “Opportunity Funds” in underserved “Opportunity Zones.” Investors

Bio-Lutions raises €500,000 for eco-friendly packaging

Bio-Lutions raises €500,000 ($537,000) for eco-friendly packaging. The Hamburg, Germany venture makes environmentally-friendly packaging and tableware to serve the Indian market, where plastic packaging has been banned in several states. Bio-Lutions products are made out of agricultural waste, which is collected from a local Indian farming cooperatives, dried and ground into micro- and nano-fibres, and then

Phandeeyar accelerator stocks pipeline of Myanmar tech startups

Venture funds like Omidyar Network, Singapore-based Red Dot Ventures, and Thailand-based Digital Ventures are rallying behind Myanmar’s first tech accelerator. The investors attended Phandeeyar’s recent demo day for its first cohort of startups. That was a milestone for unlocking startup capital in the once-isolated country formerly known as Burma, according to Phandeeyar’s Jes Kaliebe Petersen.

Tanzania emerges as a hub of African entrepreneurial success

Women Rising Tanzania is emerging as a hub of African entrepreneurial success. The East African country is often overshadowed by the continent’s other business power centers: Nigeria, South Africa and Kenya. But it has seven of the top 30 most promising entrepreneurs under the age of 35, according to Forbes. Most of the top-ranked entrepreneurs have started

Karnataka launches “proof of concept” fund for women entrepreneurs

Karnataka has launched a “proof of concept” fund for women entrepreneurs. The state in southwestern India, home to tech hub Bangalore, created Idea2POC — for proof of concept — to help female innovators prove out their concepts, get certified and pilot their manufacturing processes. The Rs 10 crore ($1.5 million) fund is part of the state’s $333 million initiative

Startup ecosystems “between the coasts” get a boost

Next Coast Ventures has raises $85 million for Austin’s startup scene. The firm’s founders said they want to boost Austin’s tech scene and support early-stage startups between the coastal tech hubs. “We are finding outsized opportunities between the coasts with talented, tech-savvy entrepreneurs with vision,” co-founder Mike Smerklo said. The oversubscribed fund already has invested in six