Black soldier fly farm raises $1.6 million in seed investment

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Singapore’s Protenga is ramping up production of its insect-based products.

In a press release, Protenga writes that it has closed its latest round of seed investment, raising USD 1.6 million with UK agritech company Roslin Technologies and the investment arm of Enterprise Singapore, SEEDS Capital.

“The raise means Protenga becomes Roslin Technologies’ flagship insect technology investment globally, and the two companies will work together to identify new, high-efficiency genetic strains of the Black Soldier Fly for the livestock, aquaculture and pet food markets,” it wrote.

Protenga is now ramping up production of its insect-based products, conducting genetic research, and taking its decentralised Smart Insect Farm model, which transforms agricultural and food waste into valuable products, to waste owners around Asia.

In partnership with Roslin Technologies, a joint venture between the University of Edinburgh and two investment and business development partners, Protenga is embarking on research to identify genetic insect strains that will further improve bioconversion performance in its Smart Insect Farm systems. The work will be carried out at Roslin Technologies’ soon-to-be-completed bespoke genetic nucleus facility near Edinburgh, Scotland.

SalmonBusiness reported on Monday that Roslin Technologies is embarking on £50 million capital raise.

“Production and bioconversion opportunities using the Black Soldier Fly are enormous,” announced Protenga CEO Leo Wein. “Working with Roslin Technologies provides the perfect opportunity to expand Protenga’s capabilities and scale up across our key markets. We’re also delighted to receive support and funding from SEEDS Capital — together, we plan to drive transformational change in the global food supply chain.”

CEO of Roslin Technologies Glen Illing said that the investment is the start of our journey into the insect protein and nutrition market: Protenga has the right technologies, capabilities and culture to succeed in providing new sustainable production and waste bioconversion practices using Black Soldier Fly. We are also excited about applying enhanced breeding technologies to develop improved insect lines with Protenga from a new genetic nucleus facility currently being built near Edinburgh. Protenga is at the cutting edge of sustainable protein production and is the next important building block in our portfolio of agritech ventures.”

General Manager of Seeds Capital Geoffrey Yeo said that the investment in Protenga builds on its existing focus in agrifood technologies. “We are delighted to be supporting Protenga as they continue to grow and expand their operations,” he added.