SG yellow biotech startup Ento Industries scores fresh funding
Summary
Ento Industries, a yellow biotechnology startup based in Singapore, has raised an undisclosed amount in fresh funding from a pair of ESG-focused private investors, according to the companys announcement.As a yellow biotech firm, Ento leverages Black Soldier Flies to help address the growing food waste problem. It upcycles food waste to produce a sustainable protein suitable for farm animal and pet feeds.Additionally, the process generates nutrient-rich organic fertiliser, promoting sustainable agriculture, according to the announcement.With the fresh funding, the company seeks to move to a larger facility and ramp up its production capabilities.With the new facility and proprietary automation system, we can address the growing demand for food waste processing and serve larger clients, said Ento Industries founder and CEO Nathaniel Phua.Entos funding comes as Singapores food waste, accounting for 12% of total waste, has seen a 23% increase in 2021, reaching 817,000 tonnes, according to the National Environmental Agency.The fresh funding comes from ESG-focused private investors Tak Wai Chung and Te-Ling Nai.Chung is a co-founder of Xcelerate Group, a regional platform investing in and operating businesses in the governance, risk, and compliance sector, including sustainability.Nai, on the other hand, is experienced in growing and managing business operations both in startup environments and multinational organisations. Initially in investment banking in New York and Hong Kong, she transitioned to corporate management, focusing on resource planning and management.Yellow biotechnology refers to biotechnology with insects. It uses microorganisms or insects for the production of more nutrition-rich products.The industry is gaining scale and is entering an inflection point, allowing the strong players with unique strategy to expand use cases and create significant impact on the environment, Chung told DealStreetAsia.We believe the Yellow Biotechnology market in Singapore and neighboring SEA countries will experience strong growth due to the conducive tropical climate, improving unit economics and good government support while being home to many leading feed mills and aquaculture operators, Chung added.Ento is backed by Tiong Lam Supplies, a food waste management company based in Singapore. Tiong Lam works with production firms in the city-state to manage food waste produced from their production operations.The startup has previously secured accolades and financial support from organisations like the DBS Foundation and Enterprise Singapore Enterprise Development Grant.It has also formed strategic alliances with educational institutions and Singapore Agrotechnologies to innovate and streamline its operational processes.Entos funding comes as Southeast Asias privately held companies raised a little over $2 billion in the first quarter of 2023, recording the lowest deal value in two years.Last week, Singapore-headquartered biotech company Lion TCR raised $40 million in a Series B2 funding round led by state investor Guangzhou Industrial Investment and Capital Operation Holding Group.