As reported by Kristie Neo in DealStreetAsia (found here):

Nutrition Technologies, a Singapore-based agrifood tech startup, has closed its Series A round led by Openspace Ventures and SEEDS Capital. The investment figure was undisclosed. According to a statement, the capital will be used to build a commercial-scale insect protein production facility, which can produce over 18,000 tonnes of insect-based feed ingredients and organic fertilisers every year.

Founded in 2014, Nutrition Technologies manufactures protein from black soldier fly larvae as a sustainable alternative to fishmeal, a commonly used ingredient in animal feed. The company aims to meet the growing global lack in fishmeal supply. Nutrition Technologies, led by Nick Piggott & Tom Berry, operates in Singapore and Malaysia. It plans to build facilities across Southeast Asia over the next five years.

“The key to be successful in this sector is being able to produce a consistently high-quality product at an affordable price for feed manufacturers without charging a sustainability premium,” said Nick Piggott, co-founder, and CEO of Nutrition Technologies. “We have achieved this by developing a unique combination of bio-processing steps, which enables us to optimise the nutrient uptake in our insect larvae. Coupled with the low operating costs in Southeast Asia, and the ideal tropical rearing conditions, we’re in a very strong position,” added Piggott. Nutrition Technologies added that the new industrial-scale facility will incorporate its insect-rearing production system to manufacture its flagship product, Hi.Protein insect meal.

A significant portion of the funds will also be used to continue its research in black soldier fly genetics and biology. “Nutrition Technologies is injecting innovation into an industry that has been around for over 12,000 years. Asia is the breadbasket of the world; over 89% of aquaculture, along with the farming of 33% of chickens and 65% of pigs happen here. We feel that Nutrition Technologies has the perfect combination of climate, technology, and partners to fulfill its mission,” said Hian Goh, Partner at Openspace Ventures.

This investment is SEEDS Capital’s first round of investment under Startup SG Equity, a government-led scheme aimed at catalysing private-sector investment for startups through equity co-investment. SEEDS Capital had announced seven co-investment partners in January to invest over $65.6 million (S$90 million) worth of investments in Singapore-based agrifood startups. Openspace Ventures is one of the co-investors selected for this scheme alongside AgFunder, Hatch, ID Capital, The Yield Lab, Trendlines and VisVires New Protein.