Funding for bug businesses available as “consumers’ appetite for insects slowly evolves”
19 Nov 2020 --- The European ValuSect (“Valuable Insects”) consortium has kickstarted a program to help firms accelerate the development of insect-based foods in Europe.
Under the program, small and media-sized enterprises (SMEs) located in North-West Europe can apply for vouchers worth €10,000 (US$11,800), €20,000 (US$23,600) or €40,000 (US$47,300) in services provided by the project partners on December 1. Forty cases will be selected over three years.
“Consumers’ appetite for insects in Europe is slowly positively evolving, as there is more and more awareness on the need to find sustainable sources of proteins,” Hélène Herman, communication officer at ValuSect, tells FoodIngredientsFirst.
SMEs located in North-West Europe can apply for a voucher worth €10,000, €20,000 or €40,000 in services provided by ValuSect.“European consumers are becoming aware of the impact of their food consumption on the planet. Insects have a lot of interesting nutritional aspects, with a low environmental impact, which is why it is one of the solutions to feed Europe in the future.”
The issuing of vouchers was first announced last May, when ValuSect detailed proposals to improve the sustainable production and processing techniques of insect-based products while transferring developed knowledge to agri-food businesses across the continent.
Scaling up insect ingredients
ValuSect will be providing services covering technology, food innovation, consumer acceptance and strategic business services, for the development of insect-based food products.
The program is targeting F&B or agri-food SMEs located in North-West Europe, which spans Ireland, the UK, Belgium, Luxembourg, Switzerland, parts of France, Germany and the Netherlands.
“The most popular insects developed in Europe would be crickets, grasshoppers, mealworms and black soldier flies,” Herman tells FoodIngredientsFirst.
“Our project covers the first three three species. They all have a novel food dossier introduced by the European Food Safety Authority (EFSA), and thus a potential future of commercialization in Europe.”
Application procedure
The application process consists of two phases, beginning with an “idea stage.” Businesses will be able to submit their applications during December.
ValuSect will be providing services covering technology, food innovation, consumer acceptance and strategic business services, for the development of insect-based food products.Applicants submit a form to provide general information about the company and to describe the idea or question for which they would like to receive a voucher.
Successful applicants will be informed of their selection for the second stage by the end of January 2021.
During the “detailed stage,” applicants who received a positive answer in January 2021 will be invited to give a detailed description of the idea and prove it is in line with ValuSect’s objectives.
The consortium notes that the requested support should be directly linked to the services offered through the program. Successful SMEs will receive an answer in March 2021.
Europe’s appetite for insects
Last month, the European insect sector applauded a new policy shift in anticipation of the industry’s first “novel food” authorizations.
Dutch producer Protix has highlighted that the insect protein industry is lucratively gaining traction, reportedly generating US$300 million worth of investments last year.
In the same month, French agri-tech innovator Ÿnsect earned €20 million (US$23.4 million) worth of backing for a fully-automated, bio-based plant, which will house the industrial-scale farming of meal worms for premium animal feed and fertilizers.
By Benjamin Ferrer
