SG insect-based foodtech firm raises $2m in debt funding

Singapore-based Protenga, a biotech company, has raised US$2 million in debt funding from a clutch of investors.

Photo credit: Protenga

Protenga develops insect tech to foster a sustainable, circular, and regenerative food system. The company says its in-house data-driven production system, insectOS, produces more than 600,000 data points every day across its production facilities.

The company has set up as many as three new facilities since its US$2 million seed round in 2020, it said in a statement.

Its smart insect farm tech helps companies extract value from their waste biomass by converting it into sustainable protein. The tech recaptures nutrients from organic waste and transforms it into insect protein.

The company aims to launch its next-generation smart insect farms in Malaysia as it looks to tap into increasing demand for insect-based ingredients for the pet food, aquaculture, and animal feed markets. It aims to become the largest insect company in Southeast Asia.

It is also going to launch a new pet food production under a new brand, YumGrubs. The company added that its new production facility will also provide co-manufacturing for third-party and white-label brands to push insect-based pet food’s growth.

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“Farmed Black Soldier Flies are a high-quality source of clean protein for making dog food that is hypoallergenic, good for the planet, and well received by dogs and their owners,” the company added.