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Protix raises EUR50 million for expansion, R&D

Dutch insect producer Protix has raised in equity from investors and may be considering an initial public offering.

Macro Photography Of A Black Soldier Fly Standing On A Succulent
Mauricio Acosta Rojas | Bigstock.com

Report says company may be eyeing an IPO

Dutch insect producer Protix has raised EUR50 million (US$57.2 million) in equity for international expansion and research and development.

Investors include European Circular Bioeconomy Fund (ECBF), BNP Paribas, the Prince Albert II Foundation and The Good Investors, with support from existing shareholders Aqua-Spark, Rabo Investments and Invest-NL.

“We are very pleased to welcome such an impact-oriented group of investors supporting our mission to bring the food system back in balance with nature,” said CEO and founder Kees Aarts. “Their support marks an exciting next step for 2022 after a memorable 2021, when we realized continued commercial success, completed an exciting successful breeding program, and strengthened our organization with new talent in key positions. Continued appetite from financial institutions and impact investors alike reinforces our stepwise approach of scaling our business. This is an important step towards further exponential growth.”

According to a report, Protix may also be considering an initial public offering on the stock exchange. The company said its next growth phase will center on global site expansion, building new facilities and increasing capacity.

Protix produces ingredients from insects and farms larvae from the black soldier fly (BSF). Organic waste from the food industry serves as feed for the insects. The insects are used in various feeds for pets, fish, chicken and other animals. Protix was founded in 2009 and co-founded the International Platform of Insects for Food and Feed (IPIFF) to enable EU legislation. It is the only company in the world with industrial-scale production of insect-based ingredients.

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