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Fresh funding for insects-for-aquafeed firm

2 June 2020, at 3:26pm

MealFood Europe, a Spanish producer of mealworm for sectors including the aquafeed industry, has closed a Series A1 funding round co-led by Caixa Capital Risc and Spanish Centre for Industrial Technological Development (CDTI).

Adriana Casillas (left) founded MealFood Europe in 2014
Adriana Casillas (left) founded MealFood Europe in 2014

The deal will see Caixa Capital Risc and CDTI acquire a 40 percent interest in the insect producer for an undisclosed amount, although MealFood Europe says that the total value of the projects they are working on is €50 million.

Seventy percent of the Salamancan firm’s current mealworm (Tenebrio molitor) production is sold to aquaculture companies and its medium-term target is to scale up production to 15,000 tonnes of mealworm protein a year.

“As the global population continues growing, along with the burgeoning market for animal protein, insects are set to become the world´s most sustainable source of protein of the future,” said Adriana Casillas, co-founder and CEO of MealFood Europe.