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Nambu Group and nextProtein Raise Funds and Expand Operations in the Insect Protein Market
In the growing field of sustainable agriculture, two companies are making waves: Nambu Group and nextProtein. Both companies are utilising the larvae of the Black Soldier Fly to produce high-value protein feed for various industries.
Nambu Group, an insect protein company based in South Africa, has recently raised ZAR2.5M in funding, the latest of which was secured on December 1, 2022. The CEO of Nambu Group, Lowell Scarr, is a Rhodes University graduate with over a decade of agricultural research experience. Nambu Group focuses on providing high-quality, sustainable, and traceable insect protein products for the livestock, fish farming, and pet industries.
Meanwhile, nextProtein, a startup based in France, is also expanding its operations. The company, which produces three products - nextProtein (a dry protein powder), nextOil (a lipid product), and nextGrow (a natural fertiliser) - uses the Black Soldier Fly to produce feedstock protein. The company's focus is on the bioconversion process, which is less resource-intensive than traditional agriculture.
nextProtein has already raised significant funds, with €11.6M in total. €10.2M of this was raised in Series A funding in May 2020. The company is currently increasing its production capacity to one tonne of protein per day and has received approvals from the EU for aquaculture feed, as well as for feedstocks for the poultry and pork industries and pet food.
Elsewhere, the Buhler Group is collaborating with a company to establish an industrial-scale yellow mealworm plant. The collaboration aims to provide high-quality, sustainable, and traceable insect protein products.
Despite the growing interest in insect protein companies, a search of recent investments does not provide specific information about other companies in the sector that have received large investments. However, with the increasing demand for sustainable and resource-efficient food solutions, it is likely that more companies will enter this field in the future.
In conclusion, Nambu Group and nextProtein are leading the way in the insect protein market, demonstrating the potential of this sector for sustainable and resource-efficient food production. As more companies enter the market and investments continue to flow in, it is an exciting time for the future of sustainable agriculture.
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