February 23, 2023

Ittinsect secures over US$794,000 funding to develop sustainable alternative to aquaculture feed

Italian biotech start-up Ittinsect has received over EUR 750,000 (~US$794,000; EUR 1 = US$1.06) from investors, public grants, and prizes, to further develop its biotech research and make the high-nutrient proteins extracted from insects and agricultural by-products available for use in aquaculture at large scale, Fish Information & Services reported.

The company aims to produce and deliver more than 1,500 tonnes of sustainable, high-performance aquaculture feed by the end of this year.

Ittinsect also aims to expand its current product offerings, including those for trout and sturgeon, with feed for saltwater fish such as sea bass and sea bream, and new functional ingredients for use in feed for other fish species, including salmon and tilapia.

Ross Brooks, partner of the Norwegian fund Katapult Ocean, said that for insect meal to be used widely in the aquaculture industry, its digestibility and bioavailability must be significantly increased. With its innovative bioprocessing method, Ittinsect directly addresses this issue and makes insect meal a viable alternative to fishmeal for finfish aquaculture in Europe and beyond.

André de Almeida Santos, a partner at Indico Capital Partners and Portugal's first blue economy investor, said that Ittinsect is a fantastic example of an effective business strategy with a product-market fit centred on sustainability. The founding team combines bold objectives, such as separating the feed industry from the fishing industry, with a concentration on execution and planned expansion. With its support, Indico Capital firmly believes that Ittinsect will have an impact on a global scale.

Ittinsect was established in 2021, and employs specialists in biotechnology, marine biology, fish nutrition, and sustainability. The company runs three research facilities near Rome, Italy and has a patent pending. It has partnered strategically with industry leaders in the production sector.

-      Fish Information & Services