Inseco raises $5.3m in seed funding, South African insect protein player looks to scale
Summary
The round was led by Futuregrowth Asset Management, with participation from E4E Africa, Oak Drive Ventures, and a raft of private investors.Inseco currently produces more than 100 metric tons of defatted insect meal and oil per month, branded as EntoMeal and EntoOil, at its state-of-the-art 10,000m\xb2 production facility in Cape Town, which it took over from AgriProtein. ]Part of the funds raised by Inseco in this seed round will be used to increase the manufacturing capacity at that Cape Town facility to meet rising product demand and to carry out continuous research and development, he said.At present, Inseco supplies the local aquaculture, pet food and poultry market, but it is planning to expand into the rest of Africa, Europe, and the US. After years of research, were ready to deploy our technology in the market.It is in the process of partnering with various organizations, in that respect, with those entities either based locally or in international markets. We are active investors, focused on entrepreneurs, and we believe that the Inseco team has the capacity to deliver on its goal of becoming a market leader in sustainable protein production. "Insect protein has an inherently lower environmental impact, as the process directly reduces food waste, involves minimal greenhouse gas emissions, limited water usage and makes zero use of arable lands.