EIT European Institute of Innovation and Technol : Climate-KIC Accelerator participant “nextProtein” raise €1.3 million investment

Climate-KIC Accelerator participant, nextProtein , which secured €1.3 million in fundraising in early January is set to expand its activities in 2017. Investors have highlighted the scalability and sustinability of nextProtein 's business model.

Created in 2015, the start-up produces animal feedstock from the Black Soldier Fly larvae, 'which is processed into valuable components for aquaculture, livestock and petfood, as well as agricultural fertiliser.'

The solution saves land, water and energy resources, and reduces greenhouse gas emissions compared to traditional agricultural fertilisers. This kind of activity could produce in 150m2 the equivalent of 150ha of soy land.

Mohammed Gastil, CEO, comments: 'We feed insects on organic waste, namely fruit and vegetables from markets - converting food otherwise wasted into a sustainable major component of aquaculture fish meal and alleviating pressure on severely depleted wild fish stocks.'

In 2016, nextProtein produced 30kg of insect larvae from 300kg of fruit and vegetable waste and 'aims to convert between five and ten tons of organic waste into one ton of protein and oil from its new 2500m2 production site and its 15-person team, in 2017.'

Mrs Chaalala, Co-founder and Chief Operating Officer, adds: 'Four years ago I was working on a program dealing with a plague of locusts that were decimating traditional crop and livestock pastures in Madagascar while the people went hungry. This highlighted for me how insects are the piece missing from the global protein puzzle.'

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Main Photo: Climate-KIC Accelerator participant 'nextProtein' raise €1.3 million investment