Protix raises €50m for expansion

The financing ot the insect-based ingredients producer was led by the European Circular Bioeconomy Fund (ECBF) and BNP Paribas as well as investors including the Prince Albert II Foundation, The Good Investors, shareholders Aqua-Spark, Rabo Corporate Investments and InvestNL.

The company said its will use the assets for R&D and expansion of its industrial production facilities for insect-based protein feed. Protix feeds larvae from black soldier flies with organic waste from the food industry and processes the insect larvae into protein and fat. As insects are used in various feeds for pets, fish, chicken, and other animals, the food cycle closes and insects, as an alternative source of protein, help prevent the depletion of natural resources reducing overfishing and deforestation by soy cultivation.

Particularly, Protix will focus on expanding its international locations, building new facilities as well as increasing its capacity.