February 17, 2021

Dutch feed startup Protix raises US$18.8 million

Netherlands-based startup Protix, which farms the Black Soldier Fly (Hermetia illucens) for use in livestock and aquaculture feed, has raised EUR 15.5 million (~US$18.8 million; EUR 1 = US$1.21) in a new round of funding led by Aqua-Spark, an aquaculture-focused investor, Silicon Canals reported.

Other investors include Rabo Corporate Investments, Brabant Development Company, and Dutch investment agency Invest-NL.

The company will use the raised capital to boost its production capacity and accelerate its expansion worldwide.

Protix, founded in 2009, claims the Black Soldier Fly's larvae provides a distinctive source of protein for food and feed. The insect ingredients are said to be more sustainable compared to soybean or fishmeal as it stops overfishing or deforestation for soybean farming. The insect feed comes from the food industry's organic waste.

Protix products are available in 13 countries and cover poultry feed, swine feed, aquafeed and specialty pet foods.

- Silicon Canals