Dutch insect producer Protix raises €50m to expand internationally
A spokesperson for Protix told us how the company attracted the new investors: “They are very knowledgeable about the sector and we have shown capability to deliver, which convinced them to step in now.”
Existing shareholders: Aqua-Spark, Rabo Investments, and Invest-NL, also invested in the Dutch company, which breeds larvae from the Black Soldier Fly (BSF) and processes them into ingredients for use in feed, pet food and other applications.
Protix said it will use the proceeds to enable international expansion, a long-held ambition, and ground-breaking R&D.
“We want to expand outside of the Netherlands: in Europe and North America. We are open to partners who are interested as a supplier of feedstock or offtake in those regions,” reported the representative.
It will also consider expansion into Asia provided it can identify “the right partners” to do so.
In terms of the ground-breaking R&D programs planned, the spokesperson said the company will focus on projects linked to genetics, nutrition, and novel technologies.
Protix, which opened its industrial-scale factory in Bergen op Zoom in the Netherlands in 2019, identified its continued commercial success, the finalization of a breeding program, the acquisition of new talent for key positions and the strengthening of the organization as highlights for the company in 2021.
“We also witnessed legislative success with the opening of the EU pig and poultry markets for our products.”
Regarding all the industry target markets—including plant nutrition, animal feed, pet food and human food – which segments are likely to grow the fastest?
“All of them. The need for sustainable proteins with a low footprint and of circular nature is critical for us to survive and get in balance with nature," added the representative.
Sebastien Renaud, investment director, ecological transition capital within BNP Paribas Principal Investments, commenting on the investment in a release, said: “The investment by our principal investments department in this pioneer company is a great illustration of our long-term commitment to support young and innovative companies with one clear ambition for BNP Paribas: accelerating the emergence of new industries to address major sustainability issues.”