Israeli grasshopper farming company Hargol FoodTech has raised $3 million in a funding round, to accelerate the growth of its alternative proteins.
Hargol, a portfolio company of The Trendlines Group, uses technology and ‘optimised’ grasshopper growing methods to produce what it says is a reliable, sustainable and quality source of protein.
The company’s product lines include grasshopper protein powder, supplements and meat replacement products.
The capital raised in Hargol’s latest financing round comes from existing shareholders Singapore-based Sirius Venture Capital and Netherlands-based SLJ Investment Partners.
According to Hargol, the funds will be used to expand its production capacity, including with a new production facility, and to launch the firm’s Biblical Protein products line.
“With incredible interest from the market in our new line of theological food products, Biblical Protein, we are excited by the opportunity to offer a combination of modern, healthy and sustainable innovative food products that are connected to humanity’s origin,” said Dror Tamir, CEO of Hargol.
Eugene Wong, founder and managing director of venture capital firm Sirius, added: “The world is looking to reinvent dietary habits to cope with double the demand for protein as the global population increases by 2050.
“To address this global concern, Hargol is on an insect-to-food mission to produce grasshoppers as an alternative protein source. This represents an immense untapped market at the intersection of this issue.
“This follow-on investment after funding in the pre-seed and seed rounds demonstrates Sirius’ confidence in Hargol.”
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