The International Finance Corporation (IFC) has made a US$2 million initial investment in the insect-based animal feed producer ProNuvo. The financing is expected to allow ProNuvo to complete the construction of its industrial insect feed plant.
In a move to spur the circular economy in Latin America and the Caribbean, the International Finance Corporation (IFC), a global development institution focused on the private sector in emerging markets, has announced an initial investment of US$2 million in ProNuvo, a Costa Rica-based company specialized in the sustainable production of insect-based animal feed.
The IFC financing, part of the institution’s Upstream activities, will allow ProNuvo to complete the construction of a 4,000 MT/year industrial insect feed plant in the district of Guápiles. Additionally, IFC will provide support to accelerate the global expansion of the nascent insect protein industry, a rapidly emerging field driven by a market opportunity of US$11 billion for aquaculture feed and the pet food market.
Formed in 2018, ProNuvo harvests black soldier fly larvae, a species native to Costa Rica and other tropical countries. The company uses organic waste material to feed the larvae, which are converted into high-quality fats and proteins. Furthermore, the feed residue from this process, known as frass, is transformed into organic fertilizer rich in microorganisms.
“At ProNuvo we transform waste into high-quality products to generate a positive environmental and social impact,” said Miguel Carmona, Co-founder and Chairman of the Board of ProNuvo. “We are proud to operate in a country that is committed to the environment and to have the support of collaborators like IFC that are perfectly aligned with our mission of creating a more sustainable food chain for future generations.”
“IFC is delighted to support ProNuvo’s growth and commitment to innovation, sustainability and competitiveness,” stated Sanaa Abouzaid, IFC Regional Manager for Central America. “As global industry catalysts, we seek to foster circularity and demonstrate the industrial-scale commercial viability of the project.”
According to IFC, this upstream investment is aligned with its global strategy in the insect protein sector, which aims to promote its development based on quality and sustainability standards and, at the same time, catalyse innovation processes in coordination with other key actors of the value chain.
