India-based alternative feed startup Loopworm has opened a Series A funding round in support of its goal of scaling alternative protein feeds used in aquaculture operations, poultry farms, and pet food.
The company previously raised USD 3.4 million (EUR 2.9 million) in seed funding, led by Mumbai, India-based Omnivore. A pre-Series A funding round, led by WaterBridge Ventures and Japan-based Enrission India Capital, also netted USD 3.25 million (EUR 2.74 million). Those funds and those currently being raised in the Series A will be used to commercialize Loopworm’s recombinant protein platform: the LoopBac Protein Expression System.
Similar platforms generally grow complex proteins by inserting gene edits into substances like yeast, but Loopworm’s proprietary application edits genes in living silkworms, allowing them to produce nutritionally enhanced proteins.
Currently, the company supplies shrimp and fish feed and nutrition products to Indian producers CP Feeds and Ananda Group.
A Loopworm representative said that “repeat orders show growing acceptance of insect-based proteins in commercial aquaculture feeds.”
"[Loopworm’s] price parity [compared to marine-based feeds] helps overcome one of the biggest hurdles for alternative proteins in aquaculture,” the representative added.
Loopworm said that besides price, its products could drastically reduce dependence on wild-caught fish used in traditional feed and reduce water and land use, making the aquaculture industry more climate-resilient.
According to the company, Loopworm products also provide unique benefits to the animals raised on them. For instance, Loopworm’s silkworm pupae oil has shown potential in boosting omega-3s for poultry, and current research includes work to replicate these results in shrimp and fish feed.
The company also produces a nutritionally enhanced feed for shrimp, tilapia, and carp made from black soldier flies, a frequently used protein in insect-based feed.
Though it is currently focused on producing proteins for animal nutrition, the company has said that it believes its platform has a variety of other applications, including human health care and cosmetics.
