The round also saw the participation of Sumitomo Corporation, ING Sustainable Investments, Mandala Capital, and existing investors Openspace Ventures, SEEDs Capital, and Hera Capital.
Nutrition Technologies manufactures sustainable animal feed ingredients and biofertilisers, using a unique combination of microbes and black soldier fly larvae to recycle nutrients from agricultural and food processing by-products.
The proceeds will be used to fund an expansion into new markets, launch new products, accelerate R&D, and create new strategic partnerships.
“We are increasing production to meet market demand and providing essential ingredients to the domestic agricultural sector as well as boosting exports through shipping our products to Korea, Japan, Indonesia, Thailand, Vietnam, Philippines and Chile. We will also commence shipments to the UK and EU very soon.” said Nick Piggott, co-CEO and co-founder of Nutrition Technologies.
The funding comes as the insect sector has gathered increasing attention over the past few years, with the global insect protein market alone estimated to be worth US$343 million in 2021 and expected to grow with a CAGR of 26.49% to reach $1.3 billion by 2027.
As a sustainable solution to help minimise multiple unsustainable practices, the sector as a whole has seen investments totalling nearly $1 billion, but with multiple technological hurdles, few companies are yet to reach industrial scale, let alone profitability.
Nutrition Technologies said its production facilities are a result of over seven years of R&D and its strategic location in the tropics helps to optimise productivity and lower costs. Its proprietary technologies and vertical insect production system are designed to capitalise on the low-energy benefits and suitability of a tropical climate.
Its team developed the entire production system, which uses some bespoke automated equipment to ensure strict biosafety, zero-waste and strong unit economics.