Dutch insect supplier Protix has secured €45 million in funding to expand its production capacity with a focus on the agricultural industry.
The cash injection has been delivered by global investment fund Aqua-Spark, Dutch financial services company Rabobank and various private investors.
Protix has aimed to turn insect production into a commercial success by serving the animal feed industry. With the global population continuing to grow, the demand for meat, fish and dairy is surging.
Its products are used in over 12 countries to date, in feed applications ranging from pig and poultry to pet food specialities.
Protix was founded in 2009 by two former McKinsey & Company colleagues, Kees Aarts and Tarique Arsiwalla.
“Due to increasing demand from our loyal and valuable customers, we’re ready to scale,” said company CEO Kees Aarts. “With €45m in funding, we plan to expand Protix’s production capacity, especially within the aquaculture industry.
“Protix will also deepen its R&D and diversify to other markets like food. We are very excited to serve our existing and new customers and we will be seeking great M&A opportunities, work with great organizations and hire the best people.”
The driver behind Aqua-Spark’s interest is Protix’s promising uses for aquaculture.
Protix claims fish raised using sustainable aquaculture methods offer a solution to the global food crisis because they have the least environmental impact of any animal protein.
Founders of Aqua-Spark Mike Velings and Amy Novogratz said they have a clear reason for investing: “We’ve been researching the insect industry for many years, and Protix stands out because of its potential to be pivotal in the development of a sustainable aqua-feed solution.
“We’re selective about the companies we invest in, and Protix fits well with Aqua-Spark’s portfolio and aligns with our mission and values.”
© FoodBev Media Ltd 2019