Alternative protein producer nets series A funding from Seeds Capital, Openspace

Singapore-based agri-foodtech startup Nutrition Technologies has received an undisclosed amount of investment in a series A round led by Openspace Ventures and Seeds Capital, the investment arm of Enterprise Singapore.

Photo credit: Nutrition Technologies

Nutrition Technologies, which produces protein from black soldier fly larvae as a sustainable alternative source, plans to use the new investment to help fund a high-tech, commercial-scale insect protein production facility in Southeast Asia.

The new facility is expected to be capable of producing over 18,000 tonnes of insect-based feed ingredients and organic fertilizers annually. It will incorporate the startup’s proprietary insect-rearing production system to manufacture its flagship product, Hi.Protein insectmeal. The production is based in Malaysia, according to its website, with supporting sites in the UK, Vietnam, and Singapore.

Nutrition Technologies’ series A round is the first investment since Seeds Capital appointed seven co-investment partners in January in a bid to develop agri-foodtech startups in Singapore. “We hope to catalyze more investments in this area as we develop Singapore into a leading urban agriculture and aquaculture hub in Asia,” said Ted Tan, chairman of Seeds Capital and deputy CEO of Enterprise Singapore.

Seeds Capital and Enterprise Singapore also said they will continue to work with Nutrition Technologies to provide startup connections with industry partners in aquaculture and alternative protein innovation. This will help support Nutrition Technologies’ operations in the city-state and the expansion of its manufacturing operations to Southeast Asia over the next two to three years, according to a joint statement.