Biotech company Entobel has raised US$30 million from Vietnamese private equity firm Mekong Capital and asset manager Dragon Capital.
It received $25 million from the former through its Mekong Enterprise Fund IV, and the rest from Dragon.
Entobel produces insect-based ingredients from black soldier flies for various industries like animal feed, pet food and fertilizer.
It currently has three main products: insect meal, insect oil and organic fertilizer.
Entobel’s technology and products “will reduce the environmental footprint of our global food chain, while making the food value chain safer and more sustainable”, Sjoerd Zwinkels, Mekong’s deal leader for Entobel, said.
Founded in 2013 by two Belgian entrepreneurs, its production facility in southern Dong Nai province has a capacity of 1,000 tons of insect meal per year.
The company plans to set up a second plant by 2023.
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