Insect protein pioneer NextProtein secures US$19M to scale industrial production

FRANCE – NextProtein recently secured €18 million (about US$19.6 million) in Series B financing to accelerate industrial-scale production of insect-based ingredients, marking one of the largest recent investments in Europe’s alternative protein sector. 

The funding round, announced this week, aims to boost capacity, open a new facility, and meet rapidly growing global demand for sustainable feed solutions.

The round is co-led by Swen Capital’s Blue Ocean Fund and British International Investment (BII), alongside continued backing from existing investors Mirova and RAISE Impact. 

It also includes €4 million (US$4.4 million) in senior debt from Société Générale, CIC Paris Innovation, and Banque des Start-up by LCL. 

The company, headquartered in Paris with operations in Lyon and Tunisia, plans to use the capital to expand production and drive profitability through its second Tunisian facility.

The new plant is designed to produce 12,000 tons of insect-derived ingredients annually, including 2,500 tonnes of protein powder, significantly boosting nextProtein’s capacity. 

The company currently manufactures protein powder (nextMeal), insect oil (nextOil), and fertilizer (nextGrow), serving the aquaculture, livestock, pet food, and agriculture sectors.

“With this funding, we are taking a decisive step toward producing insect protein at true industrial scale,” said Mohamed Gastli, co-founder and CEO of nextProtein. 

He noted that the company’s model prioritizes capital and operational efficiency while relying on low-value, variable feedstocks, an approach developed through extensive R&D.

Syrine Chaalala, co-founder and General Manager, said the industry has moved beyond proving the viability of insect protein. 

“The challenge is no longer whether insect protein works, it does, but whether it can compete on cost and availability with existing commodities. That’s where nextProtein is leading the way.”

Operational improvements have been central to the company’s progress. According to Mtir Ben Aribia, Head of Operations in Tunisia, “By testing 100+ feedstock ingredients and optimizing our recipes, we’ve steadily improved our feed conversion ratio, ensuring we are able to compete head-to-head with traditional protein sources.”

The Series B raise underscores growing investor confidence in agri-food technologies that can curb environmental pressure while strengthening food security. 

NextProtein’s model supports circularity by converting agricultural and food waste into low-carbon animal feed ingredients.

BII highlighted both the company’s environmental and regional significance. “As our first direct investment in Tunisia, nextProtein not only helps to protect the ocean and reduce emissions, but it also paves the way to attract more investments in novel climate startups in support of Africa’s climate innovation,” said Sherine Shohdy, North Africa Regional Director and Head of Office, Egypt at BII.

Julie Peyrache, Investment Director at the SWEN Blue Ocean team, said nextProtein is setting “a new benchmark for the insect protein industry,” adding that its focus on cost competitiveness and scalability positions insect-based ingredients to become mainstream commodities.

The investment is expected to accelerate nextProtein’s transition into high-volume, cost-competitive production, further establishing insect protein as a viable alternative in global feed supply chains.

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