nextProtein has raised €10.2 million in Series A funding to scale up its production. The French start-up uses black soldier fly larvae to convert food waste into animal feed in a bid to accelerate sustainable agriculture.

French start-up nextProtein, which produces insect-based animal feed and fertilizer, has raised €10.2 million in Series A funding to scale up its production and lead the industry in innovation.

Using EU-approved organic waste and proprietary technologies to raise black soldier fly larvae for animal feedstocks, the ag-tech company will first target the growing aquaculture industry.

This more sustainable feed source addresses simultaneously the future global protein shortage while also protecting oceans and reducing food waste, contributing to a circular economy.

“Insect protein provides solutions to major societal problems: a growing population with a higher demand for fish and meat and a degrading environment,” said Syrine Chaalala, who co-founded the company in 2015 with her partner Mohamed Gastli, a chemical engineer and entrepreneur.

“Addressing these macro-trends at scale demands a commitment of equal magnitude from us. Delivering on this pledge has required nextProtein to be at the forefront of sustainable indoor and vertical farming innovation, and to gather the best and brightest to drive future progress,” says Gastli.

nextProtein’s current first facility, in Tunisia’s Cap Bon region, uses significantly less land and energy compared to traditional sources of protein such as beef and soy. The production method also requires almost no water and has a lower overall carbon footprint.

The latest investment will enable nextProtein to build a second cutting-edge facility, hire new talent and accelerate its research and development program.

The company plans to scale production to 100,000 tons per year by 2025, or an estimated 10 per cent of the total insect protein market globally. nextProtein’s products include protein powder for farmed fish, poultry, pigs and pets, thereby replacing more resource-intensive or costly feed sources.

For instance, one kilogram of insect protein is estimated to save three kilograms of ocean fish from being caught for use as fishmeal.

“While sustainability is a prerequisite to our impact, price competitiveness determines its scale and pace,” said Etienne Raynaud, Head of Strategy for the company.