Will Protix open a new facility in South Korea?

Protix has secured a €1 million ($1.1M) investment from Invest International, a private company funded by public means from the Dutch government to complement the financial markets.

The aim of the capital injection is to investigate the viability of establishing a new production facility in South Korea that would use black soldier flies (BSF) to process food waste and convert it into feed for pets, fish and livestock.

Protix is considering joining forces with a South Korean partner for the venture.

Critical investment

The firm’s investment is essential to evaluate the viability of the South Korean facility.

“Invest International’s financing is crucial for our success, as it provides us with the resources to execute capital-intensive projects,” says Stijn Harms, Director of Projects and Technology at Protix.

“This investment in a feasibility study is something we cannot secure from traditional financial institutions, so it is fantastic that Invest International can provide development capital.”

This capital injection comes at a time of increasing competition in the insect-based pet food sector. Recently, an Indian insect start-up announced plans to expand its business into Europe after gaining certification, while black soldier flies are driving the growth of a Canadian biotech company that has opened an insect production plant in Halifax, Nova Scotia.