SINGAPORE – On March 9, sustainable food company Protenga announced that it had received $2 million in investment from Singapore-based investors. The company will use the investments to expand its insect production facilities and launch its insect-based pet food brand, YumGrubs.
“This investment is strong validation of the team’s hard work and our unique approach to making insect farming accessible and radically scalable,” said Leo Wein, Founder and CEO of Protenga.
The company will officially launch its new insect production smart farms in Malaysia, which will turn organic by-products into high-quality protein and fertilizer via black fly larvae (BSFL). Protenga aims to become the largest insect company in Southeast Asia, making insect protein accessible to everyone.
According to the company, its use of investments will help it meet the growing demand for insect-based ingredients in many industries, including aquaculture, animal feed and pet food industries.
“We have demonstrated our technology to breed insects and are ready to scale to have global impact,” Wein said. “Access to debt financing begins our journey to move insect farming from primarily equity financing to a broader set of financing options, such as infrastructure financing or bank loans. and decouples the expansion of our physical production facilities from our equity-based growth investments in our technology and go-to-market platform.We have also been extremely pleased with the very positive customer and market feedback on our offerings. pet food, which confirms the intensive R&D work of our team over the past year.
Protenga’s new smart insect farms will provide fresh produce, which will be used in the company’s new YumGrubs pet food. The company’s insect farms and facilities will also co-manufacture white-label insect-based pet food for other companies.
Since receiving its nearly $2 million seed investment in 2020, Protenga has launched three facilities, producing double-digit tonnage of insect-based ingredients each month. The company ramped up production in 2021, further increasing capacity.
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