Franco-Tunisian Startup nextProtein Raises €18 Million to Accelerate Industrial Deployment of Insect-Based Proteins
The Franco-Tunisian startup nextProtein has raised €18 million (approximately $20.7 million) in a Series B funding round to accelerate the industrial deployment of its insect-based proteins. This funding aims to meet the growing demand from clients in the aquaculture, livestock, and pet food sectors.
About nextProtein
Based in Paris, with teams in Lyon and Tunis, nextProtein aims to prove that insect-based ingredients can compete with traditional raw materials like fishmeal in terms of cost and volume. The company's mission is to transform organic agricultural waste into sustainable and local proteins.
Funding and Investors
The funding was co-led by SWEN Capital Partners (Blue Ocean Fund) and British International Investment (BII), the UK's development bank. Historical investors Mirova and RAISE Impact also renewed their trust, while an additional €4 million in debt financing was obtained from Société Générale, CIC Paris Innovation, and La Banque des Start-ups (LCL).
Expansion and Production
The funds will enable nextProtein to open a second factory in Tunisia, designed to produce up to 12,000 tons per year of insect-based ingredients, including approximately 2,500 tons of protein powder. This capacity is expected to allow the company to reach profitability and strengthen its presence in European, Middle Eastern, and African markets.
Products and Applications
nextProtein manufactures three main products derived from black soldier fly larvae:
- nextMeal: a defatted protein meal
- nextOil: an energetic oil
- nextGrow: a natural soil fertilizer
These products are initially targeted at fish food manufacturers, with plans to expand to livestock and animal nutrition, where sustainability criteria are becoming increasingly important.
Founders and Mission
Founded in 2015 by Syrine Chaalala (former FAO specialist) and Mohamed Gastli (chemical engineer), nextProtein is based on a simple idea: transforming agricultural organic waste into sustainable and local proteins. The company's circular model, which valorizes underutilized agricultural by-products, helps to limit costs and environmental impact.
Quotes from Founders and Investors
According to Mohamed Gastli, co-founder and CEO, "nextProtein is now producing at a true industrial scale, optimizing the cost and availability of raw materials, not just biology." Syrine Chaalala estimates that the market is "at a turning point" where supply reliability and cost competitiveness will determine sector leaders.
For British International Investment, this funding marks the first direct investment in Tunisia, signaling growing interest in African climate innovations. "By transforming agricultural waste into low-carbon animal feed, nextProtein shows how agricultural technology can reinvent our food systems," said Sherine Shohdy, BII's North Africa Regional Director.
Conclusion
With this new funding, nextProtein plans to finalize the commissioning of its second Tunisian factory and reach its target of 12,000 tons per year, confirming its position among the most competitive insect protein producers in Europe.
