C3 Alumni Inseco raises $5.3 million in round led by Futuregrowth

C3 Alumni Inseco raises $5.3 million in round led by Futuregrowth

                                     Published on www.bloomberg.com

Biggest Insect Protein Plant in Southern Hemisphere Raises Seed Funding

  • Inseco raises $5.3 million in round led by Futuregrowth
  • Insect protein use seen as a way of combating climate change

Inseco, which operates the biggest insect protein plant in the southern hemisphere, said it raised $5.3 million in South Africa’s biggest ever startup seed funding round.

Futuregrowth Asset Management contributed alongside E4E Africa and Oak Drive Ventures, Inseco said in a statement sent to Bloomberg on Thursday.

Inseco operates a 10,000 square meter (108,000 square foot) plant in Cape Town that converts the larvae, known as maggots, of the black soldier fly into 100 tons of insect oil and meal a month. Insect products are high in nutrients and, because the process sees the maggots fed with waste, is seen as a climate-friendly way of feeding farmed fish, poultry and pets.