Bulgarian agtech start-up Nasekomo, producing an alternative protein from insect for animal feed, has raised EUR 4 million to deploy its proprietary robotized insect rearing technology. By feeding insects with local agricultural by-products, it contributes to creating an environmentally positive local loop. The VC funds Morningside Hill and New Vision 3 backed by the Fund of Funds in Bulgaria participated in the round.
Nasekomo is the first insect rearing company in South-East Europe, with their first industrial-scale production facility in Bulgaria. It benefits from the advantageous labor and business conditions, abundance of input materials all year round, as well as the proximity to some of the target markets – Greece, Turkey, Western Europe.
“We have spent the last 3 years developing unique solutions for the insect rearing market. Nasekomo has leveraged robotics, A.I. and big data which allow us to produce insect protein efficiently. We will not only be competitively producing large volumes, but also addressing the challenges of our world related to animal feed.”Marc Bolard, Executive Managing Director, Nasekomo
Nasekomo is positioning itself as a premium player in the insect industry with premium sustainable insect products for the feed and agriculture industries:
- Food for Fish: Highly digestible and functional insect protein suitable for both marine and in-land species.
- Food for Pets: Insect protein for hypoallergenic cats and dogs. Insect feed for birds, reptiles and ornamental fish.
- Food for the Land: Nutritious and sustainable organic fertilizer, rich in essential minerals. Green replacement of chemical fertilizers.
Nasekomo’s in-house developed fully automated technology allows for scalable and cost-efficient production of insect products. The R&D department works independently or in collaboration with leading academic institutions and business partners to develop processes and technologies that will propell forward the insect industry as well as Nasekomo.
“Insects are part of the natural diet for many animal species. They now represent an opportunity to become a sustainable solution to supply the proteins that the world is increasingly consuming. Instead of increasing wild fish catch in oceans and deforesting to plant soy, we can feed insects with local agricultural by-products with extremely limited water consumption, and produce high-quality sustainable proteins for fish, poultry, pigs and pets.”Olga Marcenac, Chief Operating Officer at Nasekomo
Despite being incorporated only 3 years ago, Nasekomo is already scaling up its operating insect rearing facilities. The scale-up will enable Nasekomo to implement circular economy on a large scale. The company upscales organic waste streams from the agro-industry into animal feed by harnessing the power of the black soldier fly larvae.
“We are thrilled to support an experienced team of entrepreneurs with several highly successful enterprises under their belt. In their newest venture, Xavier, Olga and Marc will change the paradigm of protein production by transforming residual biomass into feed. In addition to its sustainable development impact, the business provides a great investment opportunity.”Pavel Velkov, Managing Partner at Morningside Hill Ventures
The investment will allow Nasekomo to grow its presence on the market and increase its productivity via deploying robotics and data analytics. The company will also launch a new selective breeding program in order to provide the planet with continuously improving efficiency in transforming waste into insect-based products.
Read more at Nasekomo