In a move to spur the circular economy in Latin America and the Caribbean, the International Finance Corporation (IFC) announced an initial investment of USD 2 million in ProNuvo, a Costa Rica-based company specializing in the production of insect-based animal feed.

The IFC financing, part of the institution’s upstream activities, will allow ProNuvo to complete the construction of a 4,000 MT per year industrial insect feed plant in the district of Guápiles. Additionally, IFC will provide support to accelerate the global expansion of the nascent insect protein industry, a rapidly emerging field driven by a market opportunity of USD 11 billion for aquafeed and the pet food market.

Formed in 2018, ProNuvo harvests black soldier fly larvae, a species native to Costa Rica and other tropical countries. The company uses organic waste material to feed the larvae, which are converted into high-quality fats and proteins. Furthermore, the feed residue from this process, known as frass, is transformed into organic fertilizer rich in microorganisms.

"At ProNuvo, we transform waste into high-quality products to generate a positive environmental and social impact," said Miguel Carmona, co-founder and chairman of the board of ProNuvo. "We are proud to operate in a country that is committed to the environment and to have the support of collaborators like IFC that are perfectly aligned with our mission of creating a more sustainable food chain for future generations."

"IFC is delighted to support ProNuvo’s growth and commitment to innovation, sustainability and competitiveness," said Sanaa Abouzaid, IFC regional manager for Central America. "As global industry catalysts, we seek to foster circularity and demonstrate the industrial-scale commercial viability of the project."