nextProtein Company Profile

Background

Founded in 2015 by Tunisian entrepreneurs Syrine Chaalala and Mohamed Gastli, nextProtein is a French-Tunisian agritech company specializing in the production of insect-based proteins and oils. The company's mission is to accelerate sustainable agriculture and address resource scarcity by converting organic waste into high-quality animal feed ingredients with minimal carbon footprint. By utilizing black soldier fly (BSF) larvae, nextProtein offers a sustainable alternative to traditional protein sources, thereby contributing to the circular economy and reducing environmental impact.

Key Strategic Focus

nextProtein's strategic focus centers on producing insect-derived protein powders and oils for the aquaculture, poultry, and pet food industries. The company employs proprietary bioconversion processes to transform organic waste into valuable feed ingredients, targeting the rapidly growing aquaculture sector. By offering sustainable and cost-effective alternatives to conventional feedstocks, nextProtein aims to alleviate pressure on overfished marine resources and promote environmental sustainability.

Financials and Funding

Since its inception, nextProtein has secured significant funding to support its growth and expansion:

Seed Funding (2017): Raised €1.3 million to scale up production and enhance operations.

Series A Funding (2020): Secured €10.2 million in a round led by Blue Oceans Partners, with participation from Telos Impact, RAISE Impact, Mirova, Kepple Africa Ventures, and Aucfan Incubate Inc. This investment aimed to triple the size of the Tunisian facility, hire additional personnel, and accelerate research and development efforts.

Investment in Mexico (2024): Announced an investment of 655 million pesos (approximately $39 million USD) to establish five plants across Mexico, creating 400 direct jobs and expanding operations in Latin America.

Pipeline Development

nextProtein's product portfolio includes:

nextProtein: A dry protein powder used as a feed ingredient for aquaculture, pet food, and other animal feeds.

nextOil: A lipid product serving as a feed ingredient for aquaculture and other animal feeds.

nextGrow: A natural fertilizer derived from BSF frass and organic waste, intended for agricultural use.

The company plans to scale production to 100,000 tonnes per year by 2025, aiming to capture approximately 10% of the global insect protein market.

Technological Platform and Innovation

nextProtein's innovation lies in its proprietary bioconversion process, which utilizes black soldier fly larvae to convert organic waste into high-quality protein and oil products. This method offers several advantages:

Sustainability: Significantly reduces land, water, and energy usage compared to traditional protein sources, with a lower carbon footprint.

Circular Economy: Transforms otherwise wasted organic materials into valuable feed ingredients, promoting resource efficiency.

Regulatory Approvals: Achieved EU-wide marketing authorization in 2020 and received FDA approval in 2023 to commercialize products in the United States, marking significant milestones in global market access.

Leadership Team

Mohamed Gastli: Co-Founder, President & Chief Executive Officer. A chemical engineer and entrepreneur, Gastli has been instrumental in developing nextProtein's innovative processes and strategic direction.

Syrine Chaalala: Co-Founder, Managing Director, General Manager & Chief Operating Officer. With experience as an Emergency Operations Specialist at the UN's Food and Agriculture Organization, Chaalala brings valuable insights into sustainable agriculture and operational management.

Competitor Profile

Market Insights and Dynamics:

The global insect protein market is experiencing rapid growth, driven by increasing demand for sustainable and alternative protein sources in animal feed. Factors such as overfishing, environmental concerns, and the need for efficient resource utilization contribute to this trend.

Competitor Analysis:

Key competitors in the insect protein industry include:

Ÿnsect: A French company specializing in mealworm-based protein production, focusing on aquaculture and pet food markets.

Protix: A Dutch firm producing insect-based ingredients for animal feed and pet food, utilizing black soldier fly larvae.

Entobel: A Singapore-based company focusing on black soldier fly larvae production for animal feed applications.

These competitors emphasize sustainable production methods and have secured significant investments to scale operations.

Strategic Collaborations and Partnerships

nextProtein has engaged in strategic collaborations to enhance its market position and operational capabilities:

Investment in Mexico: Partnered with local authorities and organizations to establish production facilities, contributing to job creation and promoting a circular economy by processing organic waste from the Central de Abasto.

Operational Insights

nextProtein's competitive advantages include:

Cost-Efficient Production: Operating facilities in Tunisia and Mexico allows for lower manufacturing costs due to favorable energy inputs and readily available organic waste materials.

Regulatory Compliance: Achieved EU and FDA approvals, facilitating access to key markets and ensuring adherence to stringent quality standards.

Sustainability Focus: Commitment to reducing environmental impact through innovative bioconversion processes and promoting a circular economy.

Strategic Opportunities and Future Directions

nextProtein's strategic roadmap includes:

Production Scaling: Aiming to reach 100,000 tonnes per year by 2025, capturing a significant share of the global insect protein market.

Geographic Expansion: Establishing production facilities in Asia and Latin America to meet growing demand and diversify market presence.

Product Diversification: Developing new insect-based products to cater to various segments within the animal feed industry.

Research and Development: Investing in R&D to enhance production efficiency, product quality, and explore new applications for insect-derived ingredients.