nextProtein, a Franco-Tunisian startup working on new ways to produce animal feed and insect-based fertilizers, has raised $ 11.2 million in funding, the largest early-stage food technology fund-raise in Tunisia to date.
“Insect protein provides solutions to major societal problems: a growing population with a higher demand for fish and meat, and a degrading environment,” said nextProtein chief operating officer Syrine Chaalala — a former UN Food & Agriculture Organization emergency officer who co-founded the company with Mohamed Gastli, a chemical engineer and entrepreneur.
Here Is What You Need To Know
- This round of funding was led by a group of investors brought together by Blue Oceans Partners, including Telos Impact and RAISE Impact. Additional support came from Mirova and Althelia Sustainable Ocean Fund, along with Japan’s Kepple Africa Ventures and Aucfan Incubate Inc (since its founding in 2015, nextProtein has also secured funds from investors including Kima Ventures and angels Khaled Helioui and Cyril Grislain.)
- The latest investment will help nextProtein in building its second production facility, making new hires, and accelerating R&D. The company plans to scale production to 100,000 tonnes per year by 2025, or an estimated 10% of the total insect protein market globally.
- nextProtein’s new investors will be overseeing the second facility’s construction in the months ahead, and they seem to be brimming with optimism: the company, according to Christian Lim of Blue Ocean Partners, “has developed the most scalable insect farm model to date.”
- In 2017, the Paris and Tunis-based startup raised €1.3M in a funding round featuring Kima Ventures, along with angel investors — Jerome Lecat, Khaled Helioui, (who also backed Uber and Deliveroo), Sylvie Ganter, Christophe Cervasel, and participants from the Anaxago financing platform and AngelSquare.
Why The Investors Invested
“We are convinced that it is our mission, as investors, to support women and men who have a positive vision of our environment, and who put their energy at the service of building a more equitable world. . We are all the more proud to make this investment in the current environment. This Covid-19 crisis reveals the resilience of impact businesses that combine utility and meaning, by addressing real, structuring and long-term needs. nextProtein embodies a more sustainable business model that we need. The production of insect proteins represents an alternative to the production of animal proteins with a strong impact on the environment. nextProtein is likely to bring about a systemic change in its sector and we are here to support it in this direction,’’ said Aglaé Touchard-Le Drian and Eric Coisne, associate directors at RAISE Impact.
Read also: New Report Ranks South Africa, Kenya and Rwanda As Africa ’s Top Startup Ecosystems — Here Is Why
A Look At What The Startup nextProtein Does
- Founded in 2015 by Syrine Chaalala and Mohamed Gastli, nextProtein has specialized in the breeding of insect larvae which it transforms into components dedicated to animal feed, as well as organic and natural fertilizers for agriculture.
- Created to help fight the shortage of resources, the startup uses these insect proteins as a raw material intended mainly for players in aquaculture and animal feed. The founders want to provide sustainable solutions to three societal challenges: population growth, food waste and the environmental footprint.
- By using EU approved organic waste to raise black fly larvae for animal feed, nextProtein will first target the aquaculture industry. The choice of the black soldier fly is far from being unorthodox for insect startups.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer
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