European edible insect scale-up secures funding to advance circular bio-economy

06 Sep 2023 --- Nasekomo, a Bulgaria-based insect-tech scale-up, has been awarded a grant under the European Recovery and Sustainability Plan. The funding comes from enterprises that have previously received the Seal of Excellence from the European Commission, recognizing Nasekomo as a trailblazer in biotechnology and sustainability.

Following the cash injection, Nasekomo will be embarking on the first phase of establishing an international network of bioconversion factories located near agricultural or industrial sites of its future partners, which are committed to sustainable utilization of secondary raw materials.

Nasekomo will supply the partnering bioconversion factories with Hermetia Illucens larvae, robotized bioconversion equipment and a digital platform to analyze and leverage data through machine learning algorithms. 

The grant will be disbursed through the Bulgarian Ministry of Innovation and Growth. The company is among the 12 distinguished Bulgarian enterprises with a Seal of Excellence granted for their industry innovations. 

Out of the total grant allocation, exceeding Bulgarian Lev (BGN) 34 million (US$18.7 million) for all 12 approved companies, Nasekomo will be granted BGN 4.9 million (US$2.6 million). 

A timely investment in the future of food 
The funding is slated to further the company’s strategy to revolutionize the circular bioeconomy and address critical sustainability challenges. 

The Nasekomo Insect Center of Excellence (NICE) is located near the capital of Bulgaria – Sofia.The Seal of Excellence is part of the European Commission’s supra-national mechanism to bolster breakthrough innovation, particularly in small and medium-sized enterprises. 

This year has seen a flurry of regulatory changes in relation to insect consumption. In June, the EU moved a step closer to allowing UV-treated yellow mealworm powder to be sold as a human-grade food. 

The European Food Safety Authority issued a positive opinion on the safety and nutritional value of Tenebrio molitor after French company Nutri’Earth submitted a novel food application back in 2019.

In May, the UK Edible Insect Association revealed its Novel Food dossier for Acheta domesticus, commonly known as house crickets, was deemed “within the scope of novel foods regime and valid.”

A sustainable food source
Central to Nasekomo’s mission, the insect industry addresses pressing sustainability concerns on multiple fronts. It offers a solution to reduce overfishing and the depletion of wild fish stocks, as its network of bioconversion farms will save 560,000 metric tons of wild fish from being processed into fishmeal annually. 

Moreover, replacing soybeans in animal feed reduces Europe’s reliance on imported soybeans, decreasing the environmental impact associated with soybean cultivation and transportation. Furthermore, the insect industry is a champion in carbon emissions reduction. 

Nasekomo’s efforts are estimated to cut carbon emissions by 430,000 metric tons annually, contributing to a more sustainable future. 

The company’s vision for the future necessitates substantial investments in novel technology for the insect industry. The company holds several international patents for robotic solutions in industrial insect farming, positioning itself as a technological player in this growing field. 

The company continuously develops technical solutions and digitization for insect rearing and bioconversion to achieve maximum automation, precision and efficiency. 

Investors from around the world are expressing interest in Nasekomo’s innovative technologies, according to the business, now demonstrated at full scale at Nasekomo Insect Center of Excellence (NICE), located near the capital of Bulgaria – Sofia, and servicing the aim of Nasekomo to provide next-generation solutions for waste-free industrial processes. 

Edited by Elizabeth Green