Malaysian insect company raises $2M amid increased demand for the protein
The firm wants to develop its next-generation production facilities and create its own pet food brand in South East Asia.
With this injection from Singapore-based investors, Protenga will launch its next generation of Smart Insect Farms in Malaysia, converting organic by-products into high-value protein and organic fertilizer.
The new facility, aiming to produce the world’s most sustainable pet food from farm to fork through a vertically integrated supply chain, will also provide co-manufacturing for third-party and white-label brands to accelerate insect-based pet food’s growth and transition into the pet food mainstream.
“The investment is a strong validation of the team’s hard work and our unique approach to making insect farming accessible and radically scaleable. We have demonstrated our technology to farm insects and we are ready to scale to have a global impact,” said Founder and CEO Leo Wein.
Fresh produce from the Smart Insect Farms will be used in Protenga’s new pet food production to make pet food under YumGrubs, the company’s insect-based own brand.
In 2020, Protenga received a $2m (€1.83 million) investment round in 2020 that allowed the company to build 3 new facilities.