*Data updated daily at 18:00 EAT
South African insect protein producer, Inseco, has raised USD 5.3 Mn to boost its production capacity. The round was led by Futuregrowth Asset Management, with participation from E4E Africa, Oak Drive Ventures, and a raft of private investors.
Inseco utilizes a decentralized production model whereby the breeding of the insects is done at its central facility, and the growing takes place at the source of the organic by-products. The biological inoculant, insect eggs, is then transported to the growing facility. This solution offers waste-generating organizations a way to manage their organic by-products more sustainably, while also generating a competitive financial return.
Part of the funds raised by Inseco in this seed round will be used to increase the manufacturing capacity at that Cape Town facility to meet rising product demand as well as to conduct continuous research and development.