Proteine Resources, a supplier of ready-made, autonomous, and fully scalable solutions for insect rearing and breeding anywhere in the world, has raised PLN 6 million in a new funding round. SMOK Ventures led the round, with participation from investors including Bitspiration Booster. In total, the company has already raised PLN 8 million from investors.
With a vision of sustainable insect production in a dispersed system, the company is targeting annual revenue of PLN 270 million from the sale of insect protein by 2030. The company already has a well-developed, ready-to-scale technology and a functioning pilot production line. It plans to further develop its operations in customised factories, located close to food sources for insects. By 2025, Proteine Resources plans to start building the first of many intended production plants.
According to analyses, by 2050, global demand for protein may increase by up to 60%. In the face of this dynamic growth and climate challenges, sustainable insect rearing and processing are the future of protein production. Importantly, this new source of protein will be used for both feed and food production. The potential of this market is huge, but up to now, it has not been fully exploited due to the lack of an efficient business model that would ensure continuous production and repeatability of high-quality end product, while also being profitable for the producer. All these challenges are effectively addressed by Poland’s Proteine Resources. With 25 years of experience in insect rearing and breeding, and several years spent testing and refining its breakthrough technology, the company is ready to conquer a market worth nearly €270 billion a year.
“We as a biotech company are bringing to the market protein and fat with numerous applications in animal feed – from reducing mortality, improving skin condition and longevity, to boosting immunity. At the same time, we strive for completely autonomous production, using AI to control the factory and optimise the production cycle. But our business is much more than just insect farming. Having ‘impact’ in our DNA, we believe in creating a thriving large-scale business with a positive impact on the environment. Our goal is not only climate neutrality but also the absorption of greenhouse gases,” stresses Bartłomiej Roszkowski, one of the co-CEOs of Proteine Resources, previously known as a leader of Vue Storefront, one of the most valuable Polish startups.
Proteine Resources stands out in many areas with its uniqueness. The insects produced by the company contain nearly 70% protein (over 70% more than competitive products) with an increased content of key amino acids, macronutrients, trace elements and vitamins. Furthermore, their rearing and breeding takes a record short time – only 4 weeks (even more than twice as short as existing solutions). This is made possible by using an innovative feeding system, based on a mix of agricultural by-products composed according to a proprietary formula that ensures quality, stability and safety of production, subject to several international patent applications.
Innovations also extend to the production process itself – the company uses proprietary and patented multi-spectral AI-based analysis technology, which allows for real-time examination of the health and quality parameters of insects. As a result, Proteine Resources can boast a fully automated large-scale breeding analysis.
The application of insect protein is broad and continuously opens up new perspectives. It can already revolutionise the feed industry. Following the latest trends in the domestic animal market, insect protein is increasingly becoming a component of veterinary supplements and pet foods, providing a healthier, tastier, evolutionarily justified alternative to currently used ingredients, and bringing many health benefits. For the fertiliser industry, the company’s offer includes 100% natural fertilizer produced during the production process, surpassing other organic fertilisers in terms of the quantity and quality of nutrients. Insects are also a well-balanced, dietary and ecological source of animal protein, and thanks to Proteine Resources’ commitment to the highest quality standards, in the long term the company will be able to direct its production to the food industry as well.
An innovative biotech company implementing breakthrough technology on a global scale, such as Proteine Resources, needs capital to develop and achieve subsequent “milestones”, including the construction of the first modules of a full-scale production plant. Now, the leaders of the company have gained the trust of top investors in the tech market: SMOK Ventures led the new investment round worth PLN 6 million, with the deeptech VC fund Bitspiration Booster also investing again in Proteine Resources. It had historically been the company’s first institutional investor. In total, Proteine Resources has already raised PLN 8 million in financing and is also advanced in the process of obtaining additional funds from EIC.
Their business plan aims to achieve annual revenue of PLN 270 million by 2030. The first major step in this direction is planned for next year, when the company will complete the first important stage of building the first modular factory located in Poland and approach the achievement of production capacities to the level of 800 tons of product per year.
Source: https://managerplus.pl/94030-2
