An amount of approximately R81 million has been raised by Inseco in one of the country’s startup seed funding round.
Inseco is a Cape Town-based company that produces animal protein from insects. They supply mostly the agriculture and poultry sectors locally. The fundraising was led by Futuregrowth Asset Management with assistance from other companies and private investors.
Speaking on CapeTalk this week, Inseco’s CEO, Simon Hazell said they’ve been working hard to get to this point and this was an important achievement for them. “It’s been a long time coming. We’ve been working quite hard to get to this point, so it’s an important milestone we’ve managed to achieve,” he said.
He added that they believe that insects will play a vital role in meeting the food demands of the future and help to minimize the environmental impact and ensure that they promote the biodiversity and health of our planet.
“I personally use the meal on a semi-regular basis as a source of protein and I think it’s a fantastic product, but there is a mindset shift that would need to take place for it to become widely acceptable,” he said.
He stated that they are seeing the importance of sustainability, and the responsibility that they have to be a more resource-efficient society for future generations as per Bloomberg.
He added that said insects will play a crucial role in this transition, becoming a widely available source of sustainable protein, and a vital form of nutrition to help meet the food demands of the future.