Singapore fly farmer secures $20 million investment

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Headquartered in Singapore with operations in Malaysia, nutrition technology manufactures animal feed ingredients and biofertilizers by recycling nutrients from agricultural and food processing by-products using black black fly larvae.

In 2021, the company scaled up and launched a 2-hectare factory in Johor, Malaysia. The plant converts hundreds of tons of organic waste into feed ingredients and fertilizers every week.

According to the company, their functional proteins and oils contain bioactive compounds that efficiently improve the growth capacity and health of animals and have been successfully tested in fish and shrimp feeds.

The new funding round was led by PTT Ventures and backed by Sumitomo Corporation, ING Sustainable Investments and Mandala Capital. It also saw continued participation from existing investors his Openspace Ventures, SEEDs Capital and Hera Capital.

Proceeds will be used to expand into new markets, launch new products, accelerate research and development and forge new strategic partnerships.

“In addition to increasing production to meet market demand and providing essential raw materials for the domestic agricultural sector, we are also facilitating exports by shipping our products to South Korea, Japan, Indonesia, Thailand, Vietnam, the Philippines and Chile. ‘, said Co-CEO Nick Piggott. and co-founder, in a press release.

“We will also start shipping to the UK and the European Union soon,” he added.

Nutrition Technologies will use these funds to further expand its production capacity through its currently operational Malaysian plant and a new joint venture project in a second Southeast Asian country to be announced soon.

The company also plans to expand its R&D capabilities in Singapore. Commenced commercial activity in the UK and European Union. Add several new patents to the existing IP portfolio.

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