NEWS FEED & ADDITIVE MAGAZINE March 2024 23 FreezeM raises $14.2 million in Series A funding FreezeM, one of the Agri-tech pioneering biotechnology companies that offer Breedingas-a-Service (BaaS) for Black Soldier Fly (BSF) protein factories, announced the closure of $14.2 million in Series A funding. The funding round was led by a group of seasoned industrial investors and the prestigious European Innovation Council Fund (EIC Fund), along with FreezeM's existing investors and partners. The funding will be used to accelerate the growth of the company's breeding hubs network and commercialize its novel solutions at scale, accommodating the rapidly increasing market demand. "The current funding round will enable FreezeM to embed our technology globally at scale and accelerate the growth of our breeding hubs in Europe and Israel, thereby driving successful commercial expansion. Our technology unleashes the insect market from its shackles and will propel the insect protein market to fulfill its true potential," said Dr. Yuval Gilad, Co-founder and CEO of FreezeM. FreezeM aims to simplify BSF reproduction and increase protein yield through the supply of its PauseM® product to BSF protein producers, tapping an estimated $3.96 billion market by 2033 according to Meticulous Research forecast. This innovation plays a vital role in boosting insect protein production capacity for livestock and pet food while implementing a circular economy, conserving precious global farmland, and reducing ocean depletion, according to the company. Read more>> Progressing closer towards the goal of building a more sustainable and resilient aquaculture supply chain, Entobel and Vinh Hoan announced the signing of an expanded strategic partnership. The partnership includes an offtake agreement by Feed One, a subsidiary of Vinh Hoan, to purchase a substantial volume of insect protein produced at Entobel’s Vung Tau factory in 2024. According to the companies, this landmark partnership builds upon the global leadership of both companies in developing a more sustainable food system with a lower environmental impact and accelerating the adoption of insect protein in aquaculture. In addition to the offtake for 2024, through this agreement, Vinh Hoan will purchase a minimum of 15,000 metric tons of insect protein from Entobel over the next three years, from 2025 to 2027, inclusive. “Today, in collaboration with Entobel, we are creating a more sustainable and resilient aquaculture value chain with the added benefit of incorporating nutritious aquaculture feed ingredients with demonstrated health and immunity benefits,” said Nguyen Ngo Vi Tam, the CEO of Vinh Hoan. “Accelerating the adoption of Entobel’s insect protein in pangasius production will make it possible for Vinh Hoan to source aquaculture feed ingredients in a more sustainable way and use feed ingredients that are not in direct competition with human nutrition, facilitating a more responsible aquaculture industry.” “Entobel’s expanded partnership with Vinh Hoan is a decisive boost of confidence in Entobel’s ability to produce insect protein at scale and at cost levels that are competitive to fish meal, today. This partnership will further strengthen our capacity to deliver Entobel’s insect protein to our global customers,” said Gaëtan Crielaard, co-founder and co-CEO at Entobel. Read more>> Entobel and Vinh Hoan partnership accelerates adoption of insect protein in aquaculture
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