The company produces animal feed black soldier fly maggots
Insect Protein Company Gets $20 Million Funding From Sumitomo, ING and Mandala
Sumitomo Corp., ING Sustainable Investments and Mandala Capital Ltd. have invested in a $20 million funding round for Singapore-based Nutrition Technologies Ltd., which produces animal feed from black soldier fly maggots.
The funding round was led by PTT Ventures and was also backed by existing investors Openspace Ventures Ltd., SEEDs Capital Ltd. and Hera Capital Partners Ltd. ING Corporate Finance was the adviser.
Insect protein, in the form of meal made from the larvae and oil extracted from them, is being promoted as a climate-friendly alternative to animal feeds produced from fish and soy. Nutrition Technologies aims to use the money to expand.