Brazilian insect supplier Cyns receives funding from investment firm

Cyns has secured an undisclosed investment from Sumitomo Corporation and Lambarin Investimentos as part of its seed round. Sumitomo invested via its regional subsidiary, Sumitomo Corporation do Brasil. The latter is a Brazilian family office and wealth management firm that also invested in Cyns’ first angel investment round.

GlobalPETS learned that the primary goal of the investment is to expand Cyns’ production capacity to help it retain and expand its existing market leadership.

“The constraint in the market today is lack of sufficient volumes, so we are working together with Cyns to significantly expand our product availability in a reliable and consistent manner so that our customers can feel more confident to create more insect-based pet nutrition products,” says a Sumitomo Corporation do Brasil spokesperson.

Commercial operations

Commenting on the partnership, Cyns’ Director João Pisa adds, “The partnership with Lambarin and Sumitomo will expand our commercial operations in America and around the world and allow us to scale production at the levels that this business demands.” 

Cyns claims to have become the first company to obtain regulatory approval in 2022 to produce and market black soldier fly-based (BSF) ingredients for animal nutrition in Brazil, after which its ingredients can now be found in dog treats, bird and other exotic pet foods available in the Brazilian market.

Founded in 2015 and based in São Paulo, Cyns specializes in sustainable insect-based animal nutrition in South America. 

Future plans

Proceeds from this funding will be used to set up a new BSF rearing facility and reach new markets, including dog and cat food, aquaculture and monogastric livestock in Brazil and Latin America.

Cyns also disclosed that it is preparing for its Series A funding round, which can be expected in 2026—in time for the firm to expand production capacity in its home country as well as internationally, starting with neighboring South American countries. 

In terms of applications of its BSF products, a Sumitomo spokesperson reveals that its “immediate target involves dry and wet cat and dog treats with functional properties, in addition to vet (hypoallergenic) dog and cat food.”

Agreement

In addition to the investment, Sumitomo Corporation do Brasil has also inked a commercial partnership agreement with Cyns, under which the former will be in charge of application development and R&D and marketing Cyns’ products in the Americas.

“We have been studying the market for some time, but now we are making more concrete moves to distribute insect-based ingredients following our investment and commercial agreement with Cyns,” Sumitomo’s spokesperson tells GlobalPETS. 

“The continuing increase in pet health and growing rates of pet adoption will continue to drive market growth for years to come.”

In May 2023, Sumitomo Corporation signed a $100 million (€91M) trade deal with Nutrition Technologies to expand the Singapore-based insect protein producer’s distribution into the Japanese market.