Entobel successfully raised $30 million from Mekong Capital and Dragon Capital. In which, this startup raised $25 million from Mekong Enterprise Fund IV and $5 million from Dragon Capital. This capital will help Entobel continue to carry out many in-depth researches and develop many projects to consistently improve, perfect the technology of processing food by-products into insect protein on a large scale, maintain the capital and ready for expansion.
Entobel is a biotech startup specialising in the production of animal feed ingredients from insects, especially black soldier flies, founded in 2013 by two Belgian entrepreneurs for animal feed, livestock, and fertiliser in Vietnam. This startup provides the missing piece in the global food chain by converting low-value by-products into beneficial products thanks to insects. Gaëtan Crielaard and Alexandre de Caters came to Vietnam when they saw the potential of insect protein as a nutritious animal feed. They identified Vietnam as a key market for this business model. Out of millions of insect species, they chose the black soldier fly for their first experiments.
Gaëtan Crielaard and Alexandre de Caters, Co-Founders of Entobel
Perspective from the investors
Co-Founders of Entobel have shown bravery and perseverance to build one of the largest insect protein companies in the world today from a small farm in the Mekong Delta. “Entobel solves one of the world’s key problems by using insects to create sustainable proteins, reducing the ‘ecological footprint’ of the global food chain,” said Sjoerd Zwinkels, Chief Investment Officer of Mekong Capital Investment Advisor, commented. “They demonstrate that insect feed can be produced on an industrial scale with high quality and cost-effectively compared to fishmeal.”
From humble beginnings, the Entobel team now grows to over 60 members.
Duong Do Quyen, Investment Director of Dragon Capital, said that investing in Entobel was in line with the principles of responsible investment at Dragon Capital, as insect protetin products will be a sustainable, high quality, and cost-effective alternative to animal feed, oil and fertiliser sources, especially fishmeal in aquafeeds. Entobel is the 7th company in the investment portfolio of Mekong Enterprise Fund IV to be announced.
Source of information is Dealstreet Asia.