July 31, 2019
Malaysia-based company to build biggest insect protein plant in Southeast Asia
Malaysia-based agri-food tech firm Nutrition Technologies is expected to establish a commercial-scale insect protein facility - touted to eventually become the biggest of its kind in Southeast Asia - following the recent conclusion of a Series A funding round.
The amount raised, as reported by The Business Times, was US$8.5 million and contributed by investors led by Openspace Ventures and Seeds Capital. When completed, the new plant will produce over 18,000 tonnes of insect-based feed ingredients and organic fertilisers every year. It will manufacture Nutrition Technologies' Hi.Protein insect meal proudct.
To produce a sustainable alternative to fishmeal, the company makes protein from black soldier fly larvae. As such, a large amount of the funds will also be directed towards its black soldier fly genetics and biology research
For the next two to three years, the company's manufacturing expansion in Southeast Asia will be supported by Seeds Capital and Enterprise Singapore. According to Nutrition Technologies co-founder and CEO, Nick Piggott, the company is in a "very strong position" due to low operating costs in the region and favourable rearing conditions.
"The key to be successful in this sector is being able to produce a consistently high quality product at an affordable price for feed manufacturers without charging a sustainability premium," he added.
According to its website, Nutrition Technologies opened its first production site in Johor, Malaysia, last year. The site produces HiProtein and the company's other products for local markets, selling directly to poultry, aqua and pig farms.
- The Business Times