SALAMANCA, SPAIN — Biotechnology company Tebrio shared Oct. 29 it has raised €30 million ($32.6 million USD) in a funding round. The company plans to use the funds to increase its production capacity with a new facility, allowing it to meet increasing demand for insect-based ingredients.
Based in Salamanca, Tebrio produces and processes the Tenbrio molitor insect into a variety of ingredients for use in animal feed, soil and plant nutrition, as well as polymers for industrial use. Leveraging proprietary, patented technology, the company aims to address the technological challenges of industrializing the mass breeding of these insects while also advancing sustainability. According to Tebrio, it touts a carbon footprint lower than any other “natural-based” solution, and also uses 90% less water and 80% less arable land to create its products.
For pet food, specifically, Tebrio offers :oProtein, :oLipids and :oMeal. :oProtein is a protein powder that contains a 72% protein content with a total digestibility over 90%. :oLipids is an oil touting a high oleic content and low acidity. :oMeal is dehydrated insect larvae that offers a high oleic content and high palatability.
Currently Tebrio operates a 3,500-square-meter (37,674-square-foot) plant, which produces hundreds of tons of protein, fat, biofertilizer and chitosan annually. The company is currently constructing a new 90,000-square-meter (968,752-square-foot) facility, which it hopes to enhance using the funds. The new facility will produce more than 100,000 tons of product annually, according to Tebrio. Additionally, Tebrio plans to triple its workforce.
Adriana Casillas, co-founder and CEO of Tebrio; and Sabas de Diego, chief technology officer of Tebrio.
| Source: Tebrio“This new round of investment in our company validates our industrial model based on proprietary technology,” said Adriana Casillas, co-founder and chief executive officer of Tebrio. “A model that allows us to produce at competitive prices in the markets where we operate, thus serving as a platform to expand our operations to different geographic markets.”
The funding comes from both venture debt and private equity, including Banco de Santander (Santander Group), Sodical Instituto Financiero de Castilla y León, GCP Consulting, and the Center for Technological Development and Innovation’s (CDTI) Innvierte Economía Sostenible initiative.
“Through Innvierte, CDTI has been a shareholder in the company since 2020,” said Andrés Ubierna Gorricho, head of capitalization and technology transfer, CDTI. “Our participation in the current round reflects the company’s and its founders’ ability to position themselves in an area that we consider strategic with a disruptive and innovative approach. We want to help them become a key player in a sector that we consider strategic at a national level.”
Jesús García, CEO of GCP Consulting, added, “After 30 years of experience in the agri-food industry, and after evaluating various investments in the insect sector, we chose Tebrio due to the quality of its products, coupled with an interesting financial return. All of this is linked to the high biological safety guarantees offered by the Tenebrio molitor insect, which guarantees our investment. We are proud to work with partners who share our values and are committed to developing solutions that benefit everyone. Together, we are sowing the seeds of positive change, cultivating a more just and healthy world for generations to come.”
Read more about insect-based ingredients in the pet nutrition space.
