Costa Rican insect protein supplier raises $2 million
ProNuvo will set up its insect feed plant closer to the capital of San José after the investment.
The Costa Rica-based insect company ProNuvo has received an investment of $2 million (€1.8M) from the International Finance Corporation (IFC), a member of the World Bank Group.
The capital injection will facilitate the construction of an industrial insect feed plant in the district of Guápiles, about 70 km from San José. The factory is expected to have an annual production capacity of 4,000 metric tons.
Miguel Carmona, Co-Founder and ProNuvo’s Chairman of the Board, expressed his delight at the IFC’s support for the company, which aligns with its mission to create a “more sustainable food chain for future generations.”
“IFC is delighted to support ProNuvo’s growth and commitment to innovation, sustainability and competitiveness,” adds Sanaa Abouzaid, IFC regional manager for Central America.
Boosting the circular economy
The financing is part of a program to boost the circular economy in Latin America and the Caribbean. Going forward, the IFC will also provide support to accelerate the global expansion of the insect protein industry for the aquaculture and pet food market.
ProNuvo is known for converting black soldier fly larvae into high-quality fats and protein for animal feed and pet food applications.
In December 2023, investment firm Pomona Impact Fund II pumped $3 million (€2.7M) into increasing the insect company’s production volume by 30%.
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