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IFC invests in ProNuvo to boost circularity in Latin America, Caribbean

The International Finance Corporation (IFC) announced an initial investment of US$2 million in ProNuvo, a Costa Rica-based company specialized in the sustainable production of insect-based animal feed.

Black Soldier Fly Larva
Artur Golbert | iStock.com

In a move to spur the circular economy in Latin America and the Caribbean, the International Finance Corporation (IFC) announced an initial investment of US$2 million in ProNuvo, a Costa Rica-based company specialized in the sustainable production of insect-based animal feed.

The IFC financing, part of the institution’s Upstream activities, will allow ProNuvo to complete the construction of a 4,000 metric-ton-per-year industrial insect feed plant in the district of Guápiles. Additionally, IFC will provide support to accelerate the global expansion of the nascent insect protein industry, a rapidly emerging field driven by a market opportunity of US$11 billion for aquaculture feed and the pet food market.

Formed in 2018, ProNuvo harvests black soldier fly larvae, a species native to Costa Rica and other tropical countries. The company uses organic waste material to feed the larvae, which are converted into high-quality fats and proteins. Furthermore, the feed residue from this process, known as frass, is transformed into organic fertilizer rich in microorganisms.