AgriProtein, a sustainable feed company and pioneer in waste-to-nutrient conversion, has raised $105 million in funding. The record-breaking raise reflects the growing investor interest in the insect protein sector. With this funding, AgriProtein is set to advance its factory roll-out plans, including constructing factories in Africa, the Middle East, and Asia.
AgriProtein is renowned for its circular economy strategy, which involves up-cycling organic waste to address food security and waste disposal challenges, while also helping to conserve wild-fish stocks. The company utilizes black soldier flies and their larvae to convert organic food waste into a high-protein alternative to fishmeal, suitable for animal diets in the fish, poultry, pig, and pet food industries.
The company’s focus lies in the aquafeed market, driven by the increasing demand for farmed fish. With marine resources depleting, alternative protein sources like AgriProtein’s MagMeal™ are needed to bridge the feed gap and contribute to the future sustainability of the planet. The aquafeed market alone is predicted to grow from $114 billion in 2017 to nearly $290 billion by 2026.
In recognition of its groundbreaking work, AgriProtein has received accolades such as the BBC Food Chain Global Champion 2017 and being named a Global Cleantech 100 company for two consecutive years. The recent funding round reaffirms AgriProtein’s position as a leader in the industry and provides the financial resources necessary for global expansion.
AgriProtein plans to expand its research and development capabilities, hiring new staff and building labs to further its scientific expertise. The company aims to meet the rising demand for sustainable protein and play a significant role in transforming waste into valuable resources.