Singapore-based agritech firm, Nutrition Technologies, has received investment from Bunge Ventures, the principal investing arm of Bunge, a global agribusiness, food, feed and ingredients company.
Nutrition Technologies Co-CEO and Co-Founder Tom Berry said, “We are very excited to have Bunge Ventures as a new investor. Their global network and experience in the agribusiness sector are unrivalled and this investment will allow us to scale our tropical bioconversion system and make insect-based products a mainstay ingredient of the future.”
Nutrition Technologies manufactures and supplies insect meal, oil and bio-fertilizers to help feed the growing agriculture and feed industries around the world. The firm has a proprietary controlled industrial microbial decomposition process that uses Black Soldier Fly Larvae (BSFL) to bio-convert food waste and industrial organic by-products diverted from landfills.
The company’s patent-pending fermentation technology also provides a scalable platform for a range of insect-based products for crop health and animal feed. After extensive R&D, the firm has developed a unique process that uses beneficial microbes and BSFL to provide a zero-waste, low energy and low-cost production model.
Nick Piggott, another co-Founder of Nutrition Technologies said that the unique process has resulted in the company’s ability to outperform its competitors in terms of pricing as well as on carbon emissions and sustainability credentials. The Black Soldier Fly grows rapidly and efficiently in the ambient Malaysian climate, resulting in minimal energy requirements in the rearing process.
Nutrition Technologies now ships its products to Europe, Asia and South America. In May, it launched a new organic biofertilizer, Diptia™, derived from fermented insect frass designed to protect major agricultural crops from fungal diseases.
In March this year, Nutrition Technologies were also awarded full approval to ship their insect meal and insect oil to UK and Europe for the pet food and aquafeed markets, providing European manufacturers with the option to buy high quality, affordable insect-based ingredients.
The insect food sector has gained consumer interest in recent years with the global insect protein market estimated to grow at a CAGR of 26.5% and valued at US$343 million in 2021. This market will grow to US$1.3 billion by 2027.