17 Sep '21
The Russian biotechnology company Entoprotek (a resident of the Skolkovo Foundation) has raised $ 2 million from the Israeli agricultural cooperative Granot. The round itself, calculated for $ 30 million, is planned to be completed by the beginning of the fourth quarter of next year.
Investments will also go towards expanding production - it is planned to double it, up to 30 tons in 2022.
The companies also agreed to co-finance a plant for the production of feed protein from organic waste in Israel.
The parties did not name the amount of investment and the timing of this project. They are also considering cooperation in the Middle East and Africa.
Entoprotek was founded in 2016 by the owners of the Russian turkey producer in Russia Naum Babaev and Rashid Khairov, as well as their partners Ivan Sokolov and Alexander Bastrakov.
The company is engaged in the processing of waste with the help of insects. For this, the company uses the larvae of the insect black lioness. Insects eat waste for a week, after which they themselves become raw materials for the production of a protein feed additive for livestock enterprises, fat as a component for feed, as well as for cosmetics and medicines. Now the plant in the Penza region processes 15 tons of waste per day.
According to the Unified State Register of Legal Entities, Entoprotek LLC was registered in 2019, the profit of the enterprise at the end of last year amounted to 3.3 million rubles.
Experts interviewed by the publication see potential in recycling waste with the help of insects, but it has not yet found widespread use, unlike, for example, composting. With this method of processing, 85% less landfill and greenhouse gases are emitted into the atmosphere than composting.