Paris- and Tunis-based agritech company nextProtein has raised €18 million ($20.7 million) in a Series B funding round aimed at scaling its insect-based protein operations. The round was co-led by Swen Capital’s Blue Ocean Fund and British International Investment (BII), the UK’s development finance institution, and includes €4 million in debt financing.
The funding will be used to construct nextProtein’s second and largest production facility in Tunisia, designed to produce 12,000 tons of insect-based ingredients annually, including 2,500 tons of protein powder. The expansion marks a pivotal step in the company’s mission to make sustainable insect protein a mainstream alternative to resource-intensive animal feed commodities like fishmeal and soy.
Founded by Mohamed Gastli and Syrine Chaalala, nextProtein focuses on using Black Soldier Fly (BSF) larvae to transform low-value agricultural and food byproducts into three core products: nextMeal (protein powder), nextOil (insect oil), and nextGrow (fertilizer). These products are primarily targeted at the aquaculture, livestock, and pet food industries, providing a more sustainable and circular approach to global food production.
According to CEO Mohamed Gastli, nextProtein’s model is built on capital and operational efficiency, relying on cost-effective and locally available feedstock materials. “Our model focuses on CAPEX and OPEX efficiency and is designed to utilize highly variable low-value feedstocks,” he explained. “This approach tackles a critical industrial bottleneck and enables us to offer cost-efficient ingredients that can be mainstreamed across global supply chains.”
The Series B round also saw continued backing from existing investors Mirova and RAISE Impact, while the debt portion came from Société Générale, CIC Paris Innovation, and La Banque des Start-ups by LCL.
This funding comes at a crucial moment for the insect protein industry, which has faced recent turbulence. Notably, Inseco, a South African competitor that raised $5.3 million in 2022, shut down operations amid the country’s severe power crisis. The closure underscored the vulnerabilities of insect farming—where stable energy and controlled environments are essential to production continuity.
Despite these challenges, nextProtein’s leadership believes its operational model can overcome the hurdles that have hampered others. Co-founder Syrine Chaalala emphasized that the company’s focus is no longer on proving the viability of insect protein, but on achieving cost parity and reliability with traditional feed ingredients. “The challenge is no longer whether insect protein works—it does—but whether it can compete on cost and availability with existing commodities,” she said.
Head of Operations Mtir Ben Aribia added that nextProtein’s strength lies in continuous R&D and optimization: “By testing over 100 feedstock ingredients and refining our recipes, we’ve steadily improved our feed conversion ratio and production efficiency.”
Investors echoed this confidence. Julie Peyrache, Investment Director at SWEN Blue Ocean, said nextProtein’s focus on industrial scalability positions it to “turn insect-based ingredients into a mainstream commodity.” For BII, the investment marks its first direct deal in Tunisia, signaling confidence in North Africa’s growing climate innovation ecosystem.
With this new funding and its forthcoming facility, nextProtein is betting on a future where insect protein can move beyond sustainability hype and establish itself as a cost-effective, large-scale component of global agriculture.
