DONGEN, THE NETHERLANDS — Protix, an insect processor turning black soldier fly larvae into sustainable ingredients for pet food and feed products, announced March 11 it has picked up a new investor, Rabo Corporate Investments (Rabobank).
Rabobank’s funding will help the company scale up its production in The Netherlands and begin to expand internationally, Protix said.
Currently, the company operates one insect factory in The Netherlands, in which it invested €40 million (approximately $44.7 million USD). The facility was opened in June 2019 and set the stage for the company’s next phase of growth.
“We want to reinforce our international leadership position in this new industry,” said Kees Aarts, founder and chief executive officer of Protix.
Protix operates a circular business model, recycling organic waste from production into feed for the insects, which are in turn utilized to produce proteins and lipids for other types of animal feeds. According to the company, these ingredients take the pressure off soy and fish meals and helps to prevent deforestation and overfishing.
“Protix offers a solution to two major challenges: how do we sustainably produce enough food for a fast-growing global population and how do we reduce food waste throughout the supply chain,” said Joost Vogels, investment manager of Rabo Corporate Investments.
“Rabobank Group has been involved with Protix since its founding more than ten years ago. We are proud that they have become a global leader in insect production and Rabo Corporate Investments looks forward to support them in their international expansion plans,” Vogels added.
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