Dutch insect farming startup Protix secures €37M from EIB to build sustainable protein production plant

Netherlands-based Protix, an insect farming startup working towards bringing the food system back in balance with nature, announced that it has secured €37M in loan from the European Investment Bank (EIB). 

The agreement aligns with InvestEU’s Sustainable Bioeconomy and Circular Economy goal, aiming to stimulate over €372B in additional EU investment from 2021-2027.

Teresa Czerwińska, EIB’s Vice-President says, “Supporting innovative solutions is one of the priorities of the European Investment Bank and we are pleased to start collaborating with Protix.”

“This financing is supported by the InvestEU programme and will enable the company to expand its activities and to apply its technologies, which contribute to the sustainable development of solutions within the bioeconomy sector.”

In 2022, the EIB allocated €17.93B globally to innovation, research, and development, emphasising their pivotal role in economic development. Over the period 2018-2022, the EIB Group supported these sectors in Poland with €4.65B. 

Protix exemplifies the success of targeted European Commission funds in helping innovative companies, aligning with crucial EU policy goals such as the European Green Transition.

“Bringing the food system back into balance with nature”

Founded in 2009 by Kees Aarts, Protix claims to be a leading company in insect-based ingredients for sustainable pet food, aquaculture, livestock feed, and organic fertiliser. 

Focused on creating low-footprint solutions, Protix utilises food industry waste to feed insects, which are then processed into valuable nutrients like proteins and lipids. 

These nutrients serve as high-quality ingredients for animal feed and pet food, while insect residual streams are used as organic fertiliser, contributing to a circular food chain. 

Since its inception, Protix has developed scalable technology for efficient resource use and supply chain optimisation. With a fully operational plant in the Netherlands since 2019, Protix emphasises measured growth and strategic partnerships to unlock the global potential of insect ingredients.

In October 2023, Tyson Foods partnered with Protix in an undisclosed investment deal to advance the insect ingredient industry, fostering sustainable proteins. The collaboration accelerated Protix’s global expansion and opened a new revenue stream for Tyson.

Capital utilisation

With a focus on controlled scaling, Protix plans to establish a facility 3-4 times larger than its current one. The company is also exploring potential locations in Poland for its international growth.

Lynn De Proft, Protix’s CFO, says, “We are thrilled about this agreement with the EIB, not only for the opportunities it brings for further expansion but also as a resounding affirmation. This support reinforces the fact that our industry is not just here to stay but is poised for significant growth.”

“Following our expansion to the US and now our ability to do the same in Poland, we are excited to accelerate our mission to bring the food system back in balance with nature.”

“The confidence expressed by the EIB underscores our proven ability to execute, marking another significant stride in our journey as game-changers in the protein industry,” adds De Proft.

Brief about the EIB

The EIB Group, consisting of the EIB and the European Investment Fund (EIF), funds investments aligned with EU policy objectives. These include promoting social and territorial cohesion, as well as facilitating the transition to climate neutrality.

According to EIB Group, the InvestEU programme is crucial in providing the European Union with long-term funding, leveraging substantial private and public funds to support a sustainable recovery. 

It actively mobilises private investments for key EU priorities like the European Green Deal and the digital transition. By consolidating various EU financial instruments, the programme simplifies, enhances efficiency, and offers flexibility in funding investment projects in the EU.

Comprising the InvestEU Fund, InvestEU Advisory Hub, and InvestEU Portal, the programme involves a €26.2B EU budget guarantee, backing projects through financial partners and aiming to mobilise a minimum of €372B in additional investment.