nextProtein Raises €18M Series B to Scale Industrial Production of Sustainable Insect-Based Protein
nextProtein, the Paris- and Tunis-based agritech company producing sustainable insect-derived protein ingredients for animal feed and agriculture, has raised €18 million (approximately $20.7 million) in a Series B funding round to accelerate industrial-scale production and expand its global footprint. The financing will be used to build and commission nextProtein’s second and largest production facility in Tunisia — a pivotal step in the company’s strategy to make insect-based ingredients competitive at commodity scale.
The Series B round was co-led by SWEN Capital’s Blue Ocean Fund and British International Investment (BII), with participation from existing backers including Mirova and RAISE Impact. In addition to the equity investment, nextProtein secured €4 million in senior debt financing from French banks including Société Générale, CIC Paris Innovation, and La Banque des Start-ups by LCL.
Founded in 2015 by co-founders Syrine Chaalala and Mohamed Gastli, nextProtein has developed a circular bioconversion process that transforms low-value agricultural and food by-products into high-value protein powder (nextMeal), insect-derived oil (nextOil), and organic fertilizer (nextGrow). The company’s process relies on raising Black Soldier Fly larvae on organic waste inputs, which substantially reduces land, water, and carbon footprint compared with traditional agricultural protein sources such as fishmeal and soy. nextProtein’s products are used in aquaculture, livestock, and pet food supply chains, providing a more sustainable alternative to conventional feed ingredients.
The €18 million capital injection will fund the build-out of a new production facility in Tunisia capable of producing up to 12,000 tons of insect-derived ingredients annually, including approximately 2,500 tons of protein powder. This facility is expected to significantly increase nextProtein’s manufacturing capacity and support its transition from pilot-scale operations to industrial-scale output with improved cost competitiveness across global markets. The company’s leadership believes reaching commodity-level production and pricing will be key to broader adoption of insect-based proteins in traditional feed formulations.
nextProtein’s financing comes as the alternative protein sector attracts growing attention from investors seeking solutions to sustainability challenges in the global food system. The insect protein industry has historically faced scaling hurdles, but nextProtein’s model emphasizes feedstock flexibility, cost efficiency, and continuous operational improvement as competitive advantages. With extensive research and development, including optimization of feedstock recipes and feed conversion ratios, the company aims to set an industrial benchmark for insect-based ingredient production.
The involvement of British International Investment in this round is notable as it marks BII’s first direct investment in Tunisia. BII highlighted nextProtein’s potential to contribute to sustainable food systems, support climate innovation, and foster regional economic development in North Africa. Investors see the company’s growth and scalability as aligning with broader goals for sustainable agriculture and circular bioeconomy solutions that reduce environmental pressures while creating new industrial opportunities.
nextProtein’s founders bring a blend of scientific, operational, and entrepreneurial experience. Syrine Chaalala previously worked with the United Nations Food and Agriculture Organisation on addressing food insecurity and resource scarcity challenges. Mohamed Gastli, a chemical engineer and entrepreneur, has driven the company’s technical development and commercial strategy. Their combined expertise has helped nextProtein refine its production technologies and build partnerships across sectors critical to scaling sustainable feed alternatives.
The successful closing of nextProtein’s Series B round and support from both impact-oriented and commercial investors reflect growing confidence in the insect protein sector’s ability to deliver viable, large-scale solutions to sustainability and food security challenges. By focusing on industrial scalability and cost-competitive production, nextProtein aims to bring insect-based ingredients into mainstream feed supply chains and support a more sustainable future for global agriculture.
