The Paris-based AgTech company has closed a €18 million Series B round to scale production and meet growing demand for insect-derived ingredients. The investment will support the launch of its second facility in Tunisia, designed to produce 12,000 tons of insect-based ingredients annually.

nextProtein announced it has raised €18 million in Series B funding to accelerate its industrial scale-up of insect-based protein. The round is co-led by Swen Capital’s Blue Ocean Fund and British International Investment, together with existing investors Mirova and RAISE Impact. The company also secured €4 million in senior debt from Société Générale, CIC Paris Innovation and Banque des Start-up by LCL.

The new funding will enable the opening of nextProtein’s second production site in Tunisia, expected to deliver 12,000 tons of insect-based ingredients per year, including 2,500 tonnes of protein powder. Founded to address the growing demand for sustainable protein alternatives, the company produces insect-derived protein powder (nextMeal), oil (nextOil) and fertiliser (nextGrow) for feed and agriculture markets.

Co-founder Syrine Chaalala and co-founder and CEO Mohamed Gastli.  

“With this funding, we are taking a decisive step toward producing insect protein at true industrial scale,” said Mohamed Gastli, co-founder and CEO. Co-founder Syrine Chaalala added that the challenge now is competing on cost and availability with traditional commodities.

nextProtein operates through a circular model using low-value feedstocks in emerging markets, aiming to compete with conventional protein sources such as fishmeal.