MealFood Europe secures funding to develop a €50M insect breeding project
Caixa Capital Risc and Spain´s CDTI will acquire a 40% interest in the mealworm ag-tech startup.
MealFood Europe, a Spanish company that works in industrializing the production of insects as a sustainable protein for animal feed and other uses, has closed a Series A1 funding round co-led by Caixa Capital Risc and Spanish Centre for Industrial Technological Development (CDTI).
Founded in 2014, MealFood Europe is the most prominent Spanish mealworm production company and one of the three leading European companies in the nascent revolution of mealworm as a sustainable source for high-value, low-emissions, and cost-efficient proteins.
Caixa Capital Risc and the CDTI´s investment entity Innvierte Sustainable Economy will acquire a 40% interest in Mealfood Europe. The company, headquartered at Salamanca, will use this investment to develop further its industrial project, based on the breading of the mealworm (Tenebrio Molitor).
This investment will help to consolidate MealFood Europe and its innovative technological solutions as one of the leaders of the insect industry. It will scale up its production to cover the huge global demand for high-quality protein and other mealworm products, enabling its R&D to reach new heights.
The global demand for protein in the world is expected to grow by 250 million tonnes in the next 15 years. “As the global population continues growing, along with the burgeoning market for animal protein, insects are set to become the world´s most sustainable source of protein of the future,” said Adriana Casillas, co-founder, and CEO of MealFood Europe.
MealFood Europe, with its unique value proposal, carries out with dedication and efficiency the process of breeding and commercialization of Tenebrio Molitor products and by-products. It was the first European industry to get all the permits to market the mealworm by-products.
Founded in 2004, Caixa Capital Risc is a Barcelona-based venture capital firm that provides equity and convertible loans to early-stage companies. The company manages nine investment funds with a total capital commitment of €210M and a portfolio of 123 companies. Caixa Capital Risc carries out activities together with other public and private entities, to encourage and promote enterprises and the creation of innovative companies in Spain.
INNVIERTE is part of the Spanish Strategy for Science, Technology, and Innovation 2013-2020. This strategy contains objectives, reforms, and measures to be taken in R&D&i to improve its growth and impact. The INNVIERTE program seeks to promote business innovation through investment in technological or innovative companies.