Insect breeder's €45m push into aquaculture
Leading insect breeder Protix has secured €45 million in funding from Aqua-Spark, the first investment company focused on sustainable aquaculture, and other investors.
Protix, based in Dongen, The Netherlands, is a highly technological and data driven insect producer, regarded for its automated breeding and rearing process. The company has turned insect production into a commercial success by serving the animal feed industry. Its products are used in feed applications ranging from pig and poultry to pet food specialties and it is now looking at providing food for aquaculture.
Mike Velings and Amy Novogratz, founders of Aqua-Spark, stated: “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. Combined with excellent potential returns and through its partnership with Buhler, Protix is expected to enable industry acceleration globally.
“We’re thrilled to be the lead investor in this latest round of funding, which will contribute to the company’s continued growth.”
Acceleration
Protix CEO Kees Aarts said: “Due to increasing demand from our loyal and valuable customers, we’re ready for the upcoming acceleration made possible by investments and our partners. With €45m in funding, we plan to expand Protix’s production capacity, especially within the aquaculture industry where the main challenge is creating a sustainable, healthy feed. Protix will also deepen its biological and technical 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 organisations and hire the best people.”
In December the EU Commission voted to open the aquaculture feed market for insect-derived protein from July 2017.
At the time Antoine Hubert, president of the International Platform for Insects for Food and Feed (IPIFF), told feednavigator.com: “This is a huge development for insect protein producers and it gives us the means to secure investment and build bigger capacity so we can generate more volumes over the next two years.”
