Israel insect startup raises $2 million to scale up
Thursday, September 16, 2021
Entoprotech, an Israeli biotech startup that uses the black soldier fly (BSF) to process organic waste, raised $2 million from Granot, Israel’s biggest agricultural cooperative and feed producer. Alongside the investment, the companies have agreed to co-finance the formation of a “waste2protein” facility, with the construction of further facilities in the Middle East and Africa under discussion.
“We are excited to begin our work together and believe that, with Granot’s support, we can expand both our operational and research and development capabilities to create new valuable applications and ultimately increase the positive impact of the black soldier fly,” explained Sasha Babitsky, Entoprotech CEO, which has a big facility in the Russian city of Penza.
The funds raised will be used to support Entoprotech’s R&D and business development plans over the next 12 months, with the company planning to work with local partners to build new facilities, and currently in negotiations with companies from the UAE, Canada, the USA, Mexico and Russia. Looking ahead, this investment represents the first stage of a larger $30 million series A round planned for Q4 2022.
Granot is one of the largest agricultural cooperatives in Israel and oversees 20 factories and businesses owned by 43 kibbutzim in the country’s coastal and central region, between Tel Aviv and Haifa.
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