NextProtein, a pioneering agritech startup producing sustainable insect-based proteins, has raised €18 million ($20.7 million) in a Series B funding round co-led by Swen Capital’s Blue Ocean Fund and British International Investment (BII), the UK’s development finance institution.
The round also includes €4 million in debt financing, with participation from Société Générale, CIC Paris Innovation, and La Banque des Start-ups by LCL.
Existing investors Mirova and RAISE Impact joined the round, reinforcing long-term confidence in nextProtein’s mission to scale its insect-based ingredient production and establish Tunisia’s largest insect protein facility.
Founded in 2021 by Syrine Chaalala and Mohamed Gastli, nextProtein uses Black Soldier Fly (BSF) larvae to convert low-value agricultural and food byproducts into high-value sustainable ingredients: nextMeal (protein powder), nextOil (insect oil), and nextGrow (natural fertilizer).
These products replace resource-intensive inputs like fishmeal and soy in aquaculture, livestock, and pet food industries.
The new Tunisian facility—expected to produce 12,000 tons annually, including 2,500 tons of protein powder—will become one of Africa’s most advanced insect ingredient production sites.
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“Our model focuses on CAPEX and OPEX efficiency,” said Mohamed Gastli, CEO and Co-founder. “It’s designed to use highly variable, low-value feedstocks to deliver cost-efficient ingredients that can be mainstreamed across global supply chains.” This operational focus is what investors see as key to the company’s scalability.
Julie Peyrache, Investment Director at Swen Blue Ocean, noted, “By focusing on cost competitiveness and industrial scalability, nextProtein is proving that insect-based ingredients can become a mainstream commodity.”
The funding round comes amid growing scrutiny in the insect protein industry, following the closure of South Africa’s Inseco, a once-promising startup that cited power instability and energy costs as key challenges. nextProtein, however, is betting on resilience through efficiency and R&D.
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“The challenge is no longer whether insect protein works—it does—but whether it can compete on cost and availability with existing commodities,” said Syrine Chaalala, Co-founder and General Manager.
