- Singapore-based insect protein producer Nutrition Technologies has closed a $20 million equity round.
- The biotech company’s production system leverages black soldier fly larvae to produce proteins for animal feed and fertilizers.
- PTT Ventures led the round with participation from Sumitomo Corporation, ING Sustainable Investments and Mandala Capital. Existing investors Openspace Ventures, SEEDs Capital and Hera Capital also participated.
- Nutrition Technologies will use the the funds to expand into new markets, launch new products, accelerate R&D, and create new strategic partnerships.
Why it matters
Nutrition Technologies’ closed-loop system uses proprietary growth inoculants and black soldier flies to convert organic waste into proteins and oils that can enrich animal feed and bio-fertilizers.
The company currently offers three products: a high-protein ingredient, an organic fertilizer and an oil ingredient. It says it has conducted multiple trials of these products on fish, shrimp, poultry, piglets and pets.
According to the International Platform of Insects for Food and Feed (IPIFF), insect protein can address the nutritional needs of animals, leading to higher growth rates, better animal health and overall development. IPIFF also says that insects as a source of protein are 70% more efficient with regards to land use, as the protein can be produced quickly through vertical farming, with multiple production cycles per year.
Nutrition Technologies believes insect-based solutions have great potential when it comes to reaching emissions-reductions targets improving food security and reducing waste streams. It also addresses what the company says is “a growing deficit” of proteins like fishmeal and soybean meal, which have traditionally been used for animal feed.
“Commercial insect protein production is one of the most important innovations of the past few years, with the potential to disrupt the animal feed and fertilizer sectors and solve multiple issues the world is currently facing,” Dr. Buranin Rattanasombat, PTT’s senior executive vice president of innovation and new ventures, said in a statement.
For Nutrition Technologies, next steps include expanding the company’s production capacity both at its current operating plant in Malaysia as well as through a new joint-venture project in a soon-to-be-announced second country in Southeast Asia.
CEO and co-founder Nick Piggott noted that in addition to increasing shipments across Southeast Asia, the company will soon start shipping to the UK and Europe.
