Insect Protein Company Nutrition Technologies Ltd secures $20 Million Equity Venture funding from Sumitomo, ING and Mandala
The trio of Sumitomo Corp., ING Sustainable Investments and Mandala Capital Ltd recently released $20 million to collaborate with Nutrition Technologies Ltd., an insect protein company which manufactures animal feed from black soldier fly maggots.
The investment round was spearheaded by PTT Ventures and supported by pre-existing investors Openspace Ventures Ltd., Hera Capital Partners Ltd., and Seeds Capital Ltd. ING Corporate Finance participated as an adviser.
Nutrition Technologies Ltd., pursues a circular economy and the proposed building self sustaining societies that can feed itself globally. The biotechnology
company expresses its support for global population growth which it plans to achieve by mass producing insect products as raw material for agricultural needs.
Nutrition Technologies Ltd., manufactures its insect protein as a meal produced from larvae stage insects and the oil extracted from it. The Singaporean company is promoting this invention as a climate friendly alternative to replace animal feeds manufactured from soy and fish. The quest for climate friendly alternatives in the current dispensation characterized by food crisis has become all the more important, and solutions should be embraced globally. Nutrition Technologies Ltd., plans to expand its business with the $20 million it has raised thus far.
The funds will specifically be used to consolidate production capacity in Malaysia where Nutrition Technologies currently has an operating plant and am for a proposed joint venture project to be executed in a Southeast Asian country. Funds will also be used to further develop capacity in its R&D efforts in Singapore, kick-start commercial activities in the EU and UK and build up its IP portfolio with more patents.
As originally reported in (https://www.bnnbloomberg.ca/insect-protein-company-gets-20-million-funding-from-sumitomo-ing-and-mandala-1.1820596)
