Asia's first industrial insect company, Nutrition Technologies, closes US$20m equity round to launch new products and expand into new markets
On 19th September 2022 Nutrition Technologies completed an equity venture round of US$ 20m. The round was led by PTT Ventures and supported by Sumitomo Corporation, ING Sustainable Investments, Mandala Capital, as well as continued participation from existing investors: Openspace Ventures, SEEDs Capital and Hera Capital. The round was advised by ING Corporate Finance. The proceeds will be used to fund an expansion into new markets; launch new products; accelerate R&D; and create new strategic partnerships
SINGAPORE, Sept. 19, 2022 /PRNewswire/ -- On 19th September 2022 Nutrition Technologies completed an equity venture round of US$ 20m. The round was led by PTT Ventures and supported by Sumitomo Corporation, ING Sustainable Investments, Mandala Capital, as well as continued participation from existing investors: Openspace Ventures, SEEDs Capital and Hera Capital. The round was advised by ING Corporate Finance. The proceeds will be used to fund an expansion into new markets; launch new products; accelerate R&D; and create new strategic partnerships.
"Aside from growth in clean-energy, PTT is expanding its portfolio into new businesses corresponding to global trends, sustainability, and social responsibility. We look forward to partnering with Nutrition Technologies to support their next phase of growth. Commercial insect protein production is one of the most important innovations of the past few years, with the potential to disrupt the animal feed and fertiliser sectors and solve multiple issues the world is currently facing. Furthermore, we expect this partnership will provide customers with innovative solutions to revolutionise the agriculture sector as well as improve people's quality of life" said Dr. Buranin Rattanasombat, Senior Executive Vice President, Innovation and New Ventures, PTT Public Company Limited.
"We are very excited to partner with Nutrition Technologies, an innovative company that has superior technology to produce sustainable protein. We believe insect protein is one of the most important recent solutions to protein production, contributing to solving various environmental issues and addressing several Sustainable Development Goals (SDGs). We will utilize our business platform and customer network to promote and expand the BSF derived products" said Masahito Uno, GM Life Science Division, Sumitomo Corporation.
"Nutrition Technologies fits well in the investment strategy and portfolio of ING Sustainable Investments, as we seek to assist sustainable companies in scaling their operations. Together with our consortium partners we are also keen to support the company in capitalising on various opportunities in the fast-growing European and Asian markets of alternative proteins" said Mark Weustink, Head of ING Sustainable Investments.
