San José, Costa Rica-based insect protein firm ProNuvo has received a USD 2 million (EUR 1.8 million) investment from the International Finance Corporation (IFC).
The investment gives ProNuvo enough money to complete construction of an insect feed plant in Guápiles, Costa Rica, with a capacity of 4,000 metric tons per year.
IFC, a member of the World Bank, is the largest global development institution focused on the private sector in emerging markets. IFC said it made the investment to “support to accelerate the global expansion of the nascent insect protein industry, a rapidly emerging field driven by a market opportunity of USD 11 billion [EUR 10.3 billion] for aquaculture feed and the pet food market.”
"IFC is delighted to support ProNuvo's growth and commitment to innovation, sustainability and competitiveness," IFC Central America Regional Manager Sanaa Abouzaid said in a press release. "As global industry catalysts, we seek to foster circularity and demonstrate the industrial-scale commercial viability of the project."
Founded in 2018, ProNuvo farms black soldier fly larvae, using organic waste material to feed the larvae which are converted into high-quality fats and proteins. The company then sells the feed residue, known as frass, as organic fertilizer.
"We transform waste into high-quality products to generate a positive environmental and social impact," ProNuvo Co-Founder and Chair Miguel Carmona said. "We are proud to operate in a country that is committed to the environment and to have the support of collaborators like IFC that are perfectly aligned with our mission of creating a more sustainable food chain for future generations."
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