Singapore-based Protenga has raised USD 1.6 million (EUR 1.36 million) in its latest round of seed funding, with Edinburgh, Scotland-based agritech company Roslin Technologies included in the list of investors.
Protenga is a farmer of black soldier flies for use in animal feed and fertilizer. The company will use the funding to ramp up production of its insect-based products and expand its Smart Insect Farm model across Asia, it said in a press release.
“For the environment, the potential of this approach is vast. Our world faces a 60-billion-ton protein food shortage by 2030, and around one-third of all food is wasted,” Protenga said in a press release. “Currently, livestock, aquaculture, and pets are fed mainly with unsustainable fishmeal and cash crops like corn and soy. Insects offer a natural alternative that requires less land, water and food compared to other feed ingredients. Protenga’s unique zero-waste approach also solves the problem of insect frass by transforming larvae excrements into high-quality bio-fertilizer.”
Roslin Technologies, an agricultural technology company with the mission of supporting sustainable protein production across the livestock and aquaculture sectors, said in its own press release the investment “align[s] with [its] focus on developing alternative protein sources to help overcome the impending global food deficit.”
Additionally, as part of the partnership, Protenga will conduct research to identify genetic insect strains that will improve the company’s bioconversion process. The work will take place at Roslin Technologies’ genetic nucleus facility near Edinburgh, Scotland, which is currently near completion.
“This investment is the start of our journey into the insect protein and nutrition market,” Roslin Technologies CEO Glen Illing said. “Protenga has the right technologies, capabilities, and culture to succeed in providing new sustainable production and waste bioconversion practices using black soldier fly. We are also excited about applying enhanced breeding technologies to develop improved insect lines with Protenga from a new genetic nucleus facility currently being built near Edinburgh. Protenga is at the cutting edge of sustainable protein production and is the next important building block in our portfolio of agritech ventures.”
Roslin Technologies is itself in the midst of a GBP 50 million (USD 64.7 million, EUR 55.1 million) second-round capital raise, announced 13 July. The company is primarily dedicated to commercializing agricultural and veterinary research completed at the University of Edinburgh’s Roslin Institute and Royal (Dick) School of Veterinary Studies, though its larger mission is to “become one of the world’s leading AgTech venture businesses,” according to Illing. In addition to Protenga, Roslin Technologies has also invested in cultivated (cell-based) meat analog producers.
Another investor announced in Protenga’s round of fundraising is SEEDS Capital, the investment arm of Enterprise Singapore. The investment “opens the door to circular food system innovations that will provide healthy and sustainable insect protein for the growing aquaculture and pet food markets,” according to Seeds Capital General Manager Geoffrey Yeo.
“Protenga’s proprietary solutions in black soldier fly production and waste bioconversion enables the company to have a differentiated and scalable business model in the insect protein space, and addresses the growing gap in the demand and supply of animal feed,” Yeo said. “The investment in Protenga builds on our existing focus in agrifood technologies and further develops the alternative protein ecosystem in Singapore. We are delighted to be supporting Protenga as they continue to grow and expand their operations.”
To support its expansion, Protenga hiring for roles on its biology, engineering, operations, and R&D teams.
“Production and bioconversion opportunities using the black soldier fly are enormous,” Protenga CEO Leo Wein said. “Working with Roslin Technologies provides the perfect opportunity to expand Protenga’s capabilities and scale up across our key markets. We’re also delighted to receive support and funding from SEEDS Capital – together, we plan to drive transformational change in the global food supply chain.”
Photo courtesy of Protenga
