nextProtein Raises USD 20.7 M Series B For Insect-Based Feed Production In Tunisia

Tunis- and Paris-based agritech nextProtein has raised EUR 18 M (USD 20.7 M) in a Series B round co-led by SWEN Capital’s Blue Ocean Fund and British International Investment (BII), with an additional EUR 4 M in debt financing.

The company will use the funding to build its second and largest production facility in Tunisia, designed to produce 12,000 tons of insect-based ingredients annually. nextProtein transforms Black Soldier Fly larvae into high-value protein, oil, and fertiliser to replace traditional feeds like fishmeal.

Founded by Mohamed Gastli and Syrine Chaalala, nextProtein’s model emphasises cost efficiency and feedstock flexibility; a response to industry-wide challenges that have seen peers struggle amid scaling and energy hurdles.

The round, which also marks BII’s first direct investment in Tunisia, positions nextProtein to industrialise insect protein at competitive cost and scale.