Sumitomo Corp., ING Sustainable Investments and Mandala Capital Ltd. have invested in a 20 million funding rou

Sumitomo Corp,SEEDs Capital Ltd,climate-friendly alternative,PTT Ventures,Insect protein

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cop27
Thursday, 29 September 2022
Chairman and Chief Editor
Bedour Ibrahim

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.