Singapore-based agrifood tech company Nutrition Technologies closed a Series A funding round from a consortium of investors led by Openspace Ventures and SEEDS Capital, the investment arm of Enterprise Singapore. The funding will be used to establish the largest high-tech commercial-scale insect protein production facility in Southeast Asia, which can produce over 18,000 tonnes of insect-based feed ingredients and organic fertilizers every year.
Information source: Nutrition Technologies Press Release
This round of investment is the first since SEEDS Capital appointed seven co-investment partners in January 2019 to catalyze over S$90 million worth of investments to develop Singapore-based agrifood tech startups.
.Openspace Ventures is one of the co-investors selected based on its investment track record, strong commercialization resources, networks and familiarity with the agrifood tech startup ecosystem.
It’s no secret that the livestock, aqua & pet feed industries are facing a significant challenge in sourcing high-grade proteins, and there is a growing interest in the alternative protein sector. After completing three years developing proprietary technology, in 2018 Nutrition Technologies started commercial production of protein & oil from black soldier fly larvae as a sustainable alternative to fishmeal.
The new industrial-scale facility will incorporate Nutrition Technologies’ proprietary insect-rearing production system to manufacture Hi.Protein® insect meal, its flagship product, as an economical and scalable alternative to competing for fishmeal products on the market. Nutrition Technologies will also dedicate a significant portion of the funds to continue its cutting-edge black soldier fly genetics and biology research.
Moving forward, SEEDS Capital and Enterprise Singapore will continue to work with Nutrition Technologies to connect with industry partners in aquaculture and alternative protein innovation. This will help to further anchor their key activities in Singapore, as well as to support the company’s plans to expand its manufacturing operations to Southeast Asia over the next 2 to 3 years.
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