petfood pro 4/2022

INGREDIENTS
Asia’s First Industrial Insect
Company Closes US$20m Equity
Round to Launch New and
Expand Into New Markets
Executive Summary
Nutrition Technologies closed a US$20m
equity venture round led by PTT Ventures
Insect protein market due to be worth
US$1.3 billion by 2027
• Nutrition Technologies
manufactures sustainable animal
feed ingredients and biofertilisers,
using a unique combination of
microbes and black soldier fly
larvae to recycle nutrients from
agricultural and food processing
by- products.
• Insect solutions show great
potential to help contribute to
reaching global greenhouse gas
emissions targets, improve food
security and reduce waste streams
in a low-energy environment
• Nutrition Technologies to use funds
to increase IP portfolio, launch new
products and expand into new
markets
• Nutrition Technologies is planning a
new joint-venture facility elsewhere
in Southeast Asia
Equity Round
On 19th September 2022 Nutrition
Technologies completed an equity
venture round of US$ 20m. The round was
led by PTT Ventures and supported by
Sumitomo Corporation, ING Sustainable
Investments, Mandala Capital, as well as
continued participation from existing
investors: Openspace Ventures, SEEDs
Capital and Hera Capital. The round
was advised by ING Corporate Finance.
The proceeds will be used to fund an
expansion into new markets; launch new
products; accelerate R&D; and create new
strategic partnerships.
“Aside from growth in clean-energy,
PTT is expanding its portfolio into
new businesses corresponding to
global trends, sustainability, and social
responsibility. We look forward to
partnering with Nutrition Technologies
to support their next phase of growth.
Commercial insect protein production is
one of the most important innovations
of the past few years, with the potential
to disrupt the animal feed and fertiliser
sectors and solve multiple issues the
world is currently facing. Furthermore,
we expect this partnership will provide
customers with innovative solutions to
revolutionize the agriculture sector as
well as improve people's quality of life”
said Dr. Buranin Rattanasombat, Senior
Executive Vice President, Innovation
and New Ventures, PTT Public Company
Limited.
“We are very excited to partner with
Nutrition Technologies, an innovative
company that has superior technology
to produce sustainable protein. We
believe insect protein is one of the
most important recent solutions to
protein production, contributing to
solving various environmental issues
and addressing several Sustainable
Development Goals (SDGs). We will utilize
our business platform and customer
network to promote and expand the BSF
derived products” said Masahito Uno,
GM Life Science Division, Sumitomo
Corporation.
“Nutrition Technologies fits well in the
investment strategy and portfolio of ING
Sustainable Investments, as we seek to
assist sustainable companies in scaling
their operations. Together with our
consortium partners we are also keen
to support the company in capitalising
on various opportunities in the fastgrowing
European and Asian markets of
alternative proteins” said Mark Weustink,
Head of ING Sustainable Investments.
“Nutrition Technologies has led the way
in delivering black soldier fly solutions
at scale and at a price that is competitive
on the global markets. It means they are
already providing a viable alternative
to existing and less sustainable feed
options. In achieving that, the team has
demonstrated exceptional executional
capabilities. Going forward, we have high
conviction in their expansion plans” said
Hian Goh, Founding Partner, Openspace
Ventures.
“It is great to welcome our new investors,
who collectively bring vast expertise and
experience to help us realise our vision.
We are also humbled by the continued
support provided from our existing
shareholders.” said Tom Berry, Co-CEO
and Co-founder, Nutrition Technologies.
The insect sector has gathered increasing
attention over the past few years, with
the global insect protein market alone
estimated to be worth US$343 million
in 2021, and expected to grow with a
CAGR of 26.49% to reach US$1.3 billion
by 2027. As a sustainable solution to
help minimize multiple unsustainable
practices, the sector as a whole has seen
investments totalling nearly US$1 billion,
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Technology & Marketing