NextProtein, a Tunisian agritech startup, has achieved a significant milestone in its journey towards global expansion. The company has received authorization from the US Federal Food and Drug Administration (FDA) to market its products in the United States, marking its next bus stop in its quest for expanded growth. This achievement follows its authorization in 2020 to sell its products in the European Union, making it the first insect breeding company outside the EU to obtain clearance to sell its products in the region.
In 2020, NextProtein raised $11.2 million in funding, the largest early-stage food technology funding in Tunisia to date. A group of investors led the funding round, including Blue Oceans Partners, Telos Impact, RAISE Impact, Mirova, Althelia Sustainable Ocean Fund, Kepple Africa Ventures, and Aucfan Incubate Inc. The latest investment would help NextProtein build its second production facility, hire more personnel, and accelerate research and development. The company plans to scale production to 100,000 tonnes per year by 2025, representing an estimated 10% of the total insect protein market globally.
Founded in 2015 by Tunisian couple Syrine Chaalala and Mohamed Gastli, NextProtein uses EU-approved organic waste to raise black fly larvae for animal feed, focusing initially on the aquaculture industry. Basically, NextProtein focuses on transforming insects, specifically the black soldier fly, into protein-rich food products for animals. The company aims to provide sustainable solutions to societal challenges such as population growth, food waste, and environmental impact. Insect protein provides solutions to these issues as it is a raw material that can be used in animal feed and organic and natural fertilizers for agriculture.
With the FDA’s approval to market its products in the US, NextProtein’s next bus stop is set to expand its reach globally and impact more lives positively. The latest move also highlights the potential for African startups to tap into the global market and compete with established players in the industry.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard