Mystery investor supports next phase of insect feed producer’s development
The name of the investor has not been revealed.
“The $105m was predominantly raised from a single listed investor. It has not shared details with its shareholders as yet so we cannot disclose its name,” Jason Drew, CEO of AgriProtein told FeedNavigator.
The company said it is now set for rapid growth on many fronts, citing its international expansion and continued R&D investment as the reason why it is one of the leaders in what it terms as a "rapidly growing nutrient-recycling industry".
In a June 2018 update, AgriProtein reported it is in the process of developing six insect protein factory models in global locations, with three sites in the Middle East, two in Asia and one in Johannesburg, South Africa, each set to take in 250 tons of feedstock per day.
“All sites have secured preliminary feedstock supply of at least 90,000 tons of organic matter required per year. We are now in the process of physical site evaluation and development at each location. Our business development team has developed localized business models, catering for differing market needs, input costs and product demand. At the same time as concluding our site-specific planning permissions, we are developing locally supported project finance. This local debt finance will complement our equity investment as we move towards financial close on these next factory locations.”
The insect feed protein producer said it also wants to expand product applications and hopes to recruit additional experts so that its R&D team will include over 45 researchers by the end of 2018; it is investing in additional laboratory buildings and capabilities at its Cape Town site as well.
“We are also developing links with partner institutes in the Middle East, Asia and the US as we seek to build additional local R&D capacity to support our regional roll out plans.”
Originally established as an South African company, AgriProtein’s headquarters is now in London. Andrew Bernard, a worldwide organic feedstock expert has recently joined the UK based team. He will help secure substrate inputs in each factory roll-out location, added the company.
“We have also been developing our in-country teams. Heung-Suek Ghang, has joined AgriProtein in Seoul to lead our local site development. South Korea is focused on sustainably addressing its organic waste challenges and holds considerable opportunity for the group.”