Dongen, The Netherlands-based Protix, which raises black soldier flies (Hermetia illucens) for use in animal feed, announced on Tuesday, 8 February it has raised EUR 50 million (USD 57.2 million) in new equity to fund its international growth and research and development program.
The European Circular Bioeconomy Fund (ECBF), BNP Paribas, the Prince Albert II Foundation, and The Good Investors, have joined existing shareholders Aqua-Spark, Rabo Investments, and Invest-NL, in supporting long-term development of the fast-growing insect-based ingredients market, Protix said in a press release.
Protix has developed a range of products made from black soldier fly larvae, including ProteinX, which is being used in hatchery and grower diets for salmon, trout, shrimp, and other fish. The company played a leading role in pushing for insect protein to be approved for use in aquaculture within the European Union in 2017, following a protracted campaign by the International Platform of Insects for Food and Feed (IPIFF), which it co-founded. It now has plans for expansion in Europe and North America through the construction of new facilities, according to Protix CEO and Founder Kees Aarts.
“This is an important step towards further exponential growth, and we are pleased to welcome such an impact-oriented group of investors supporting our mission to bring the food system back in balance with nature,” Aarts said. “In 2021, we completed an exciting successful breeding program and strengthened our organization with new talent in key positions. Continued appetite from financial institutions and impact investors reinforces our stepwise approach of scaling our business.”
Protix’s flies are fed on organic waste from the food industry and their larvae, in turn, are transformed into a source of protein for food and feed, using a patented extraction process augmented by the use of artificial intelligence, genetic improvement programs, and robotics.
“Scaling alternative aquafeed ingredients was a top priority for us when we launched Aqua-Spark in 2015. So, it’s with big excitement that we continue to support Protix as they once again move to the next level of scale, from the largest insect factory in the world producing at capacity, to this next phase of exponential growth. They are leading the way in making insect protein an accessible, viable global solution,” Aqua-Spark co-founders and managing partners Mike Velings and Amy Novogratz said in a joint statement.
Photo courtesy of Protix
