NEWS FEED & ADDITIVE MAGAZINE March 2022 75 Protix raises EUR 50m in equity for international growth Impact investors stepped into the international growth plan of Protix; and the Netherlands-based company raised 50 million euros in equity. The investors included European Circular Bioeconomy Fund (ECBF), BNP Paribas, the Prince Albert II Foundation and The Good Investors. This new funding is also backed by existing shareholders Aqua-Spark, Rabo Investments, and Invest-NL. Protix is the worldwide market leader in insect-based ingredients and will use the proceeds for further international expansion and ground-breaking R&D. The successful capital raise underlines Protix’ leading position in the fast-growing insect-based ingredients market. Protix produces natural and sustainable ingredients from insects and farms larvae from the Black Soldier Fly (BSF). Organic waste from the food industry serves as feed for the insects. In turn, the insects are used in various feeds for pets, fish, chicken, and other animals, just as in nature. In this way, the food cycle closes and insects, as an alternative source of protein, help prevent over-fishing and deforestation for soy cultivation. As a business, Protix has proven its resilience and is producing at a commercially viable and industrial scale. Protix’ next growth phase is all about global site expansion, building new facilities, and increasing capacity. Leading Dutch insect-based ingredients producer Protix has raised EUR 50 million in equity from a group of investors, including European Circular Bioeconomy Fund (ECBF), BNP Paribas, the Prince Albert II Foundation and The Good Investors. Rajeev Modi to lead Elanco's pet health unit in US Elanco Animal Health announced the appointment of Rajeev (Bobby) Modi as the company’s executive vice president U.S. Pet Health and Global Digital Transformation. He will join the company on March 14 and will serve on the company’s executive committee. Modi most recently served as vice president and general manager of Enhancers and Components at Conagra Brands. Modi brings two decades of increasing responsibility and expertise in marketing and sales, building and growing brands for companies like Procter & Gamble and J.M. Smucker. Modi’s background in pet care, consumer packaged goods, digital and e-commerce, along with his focus on growing people and building teams, make him an excellent fit for Elanco. He will oversee Elanco’s veterinary sales, retail and e-commerce teams, as well as Pet Health marketing and operations. Importantly, he will work closely with R&D and marketing to prepare to launch the company’s late-stage pet health pipeline, including several portfolio enhancing launches planned for this year. Rajeev (Bobby) Modi
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