Agriprotein Valuation, Funding & Investors
Agriprotein is valued at $117M as of December 2016.
Last Agriprotein valuation
$117M
Undisclosed stage · Dec 2016
Last Agriprotein funding round
$105M
Undisclosed stage · Jun 2018
Cumulative funding Agriprotein raised
$123M
across 2 funding rounds
About Agriprotein
AgriProtein is a South African insect farming company producing protein meal from waste. Headquartered in Cape Town, it breeds black soldier flies for animal feed in aquaculture and poultry. Founded in 2008, its factories process food waste into 10,000 tons of feed yearly.
Founded
2008
HQ
Cape TownWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Valuation
$117M (Dec 2016)
Agriprotein Valuation
Agriprotein is currently valued at $117M, based on its undisclosed-stage round in December 2016.
Agriprotein valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Dec 2016 | Undisclosed stage | $117M |
Agriprotein Funding History
Agriprotein has raised a total of $123M across 2 funding rounds.
Agriprotein's first fundraising round was a $18M undisclosed-stage round in December 2016. The most recent completed round was a $105M undisclosed-stage round in June 2018.
Agriprotein funding rounds
| Date | Stage | Raised | Valuation | Deal Summary |
|---|---|---|---|---|
| Jun 2018 | Undisclosed stage | $105M | - | AgriProtein, a South Africa-based company, converts organic waste into high-protein animal feed using black soldier fly larvae, producing products like MagMeal as a sustainable alternative to fishmeal for aquafeed, poultry, pigs, and pet food markets. The firm operates a circular economy model addressing food waste, resource scarcity, and declining fish stocks, with facilities under development in Africa, the Middle East, Asia, and a G1 factory in Johannesburg processing 250 tonnes of waste daily. On June 4, 2018, AgriProtein Holdings UK closed a record $105 million funding round comprising equity and debt from an undisclosed overseas listed corporate financial institution, marking the largest capital raise for an insect farming company and the 18th largest farm tech deal. This Unattributed - II round, combined with prior raises totaling around $122.5 million across four rounds (including $30 million by end-2016 and $17.5 million equity beforehand), funds global factory roll-outs, R&D expansion including new labs, and key hires like John Diener as COO and Andrew Bernard for feedstock expertise. The funding supports ambitious expansion into the $114 billion aquafeed market in 2017, projected to reach $290 billion by 2026, with initial focus on farmed fish demand. Additional project financing is expected for sites in the Middle East and Asia. |
| Dec 2016 | Undisclosed stage | $18M | $117M | AgriProtein is a South African insect farming company founded in 2008 that converts organic food waste into high-protein animal feed by raising black soldier fly larvae. The company processes waste feedstock into MagMeal and MagOil products for aquaculture, livestock, and pet feed sectors. In December 2016, AgriProtein raised $17.5 million in a growth stage funding round from strategic investors across Europe, North America, and Asia at a $117 million post-money valuation. This round followed approximately $30 million in prior capital raised, which had been deployed toward constructing the company's G0 generation industrial-scale facility in Cape Town and engineering the design of next-generation G1 factories. The 2016 funding was designated for building AgriProtein's second industrial black soldier fly-farming factory in South Africa and licensing its proprietary technology into other regions. By the time of this round, the company had already established itself as one of the best-funded and most valuable insect farming businesses globally, with strategic partnerships underway in the United States and support from family-run businesses in Europe to facilitate international expansion. |
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Start Free TrialAcquisitions by Agriprotein
Agriprotein has acquired 1 company to date.
Last acquisition by Agriprotein was on December 3rd 2018. Agriprotein acquired Millibeter for undisclosed valuation.
Latest Acquisitions by Agriprotein
| Description | Millibeter is a Belgium-based insect biotechnology firm that converts organic waste streams into high-value materials. Using black soldier fly larvae, it produces proteins, fats, and chitin for animal feed, aquaculture, and industrial uses. Millibeter's bioconversion process supports circular economy initiatives in Flanders with scalable production facilities. |
| HQ Country |  |
| HQ City | Turnhout |
| Deal Date | 3 Dec 2018 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Agriprotein acquisitions and their M&A valuation multiples. Start Free Trial | |
Agriprotein Competitors
Agriprotein competitors include listed companies like Cibus, American Vanguard, Amoeba and Itafos, and private ones like Orthogonal Thinker and Avextra.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Kahului, HI | Private | - | - | $111M | - | |
| United States | Publicly listed | $4M | ($91M) | $125M | 28.9x | |
| United States | Publicly listed | $515M | ($12M) | $64M | 0.6x | |
 France | Publicly listed | - | ($7M) | $48M | 9.9x | |
| United States | Publicly listed | $558M | $189M | $335M | 0.6x | |
 Bensheim | Private | - | - | $115M | - |
Agriprotein Public Comps
Agriprotein is still privately-owned, but its public comps include Gigante Salmon, ArcticZymes, Arctic Fish Holding, Norcod, Delta Giri Wacana, Cibus, Austral Group, FirstFarms, Soquimich Comercial and Clover Corp.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| - | $1M | - | 8.7x | 143.2x | 1496.3x | |||
| $12M | $1M | 7.3x | 6.4x | 62.2x | 44.2x | |||
| $103M | ($12M) | 2.8x | 2.4x | (24.7x) | 42.7x | |||
| $47M | ($18M) | 3.4x | 5.6x | (8.9x) | (9.9x) | |||
| $234M | $24M | 0.7x | - | 6.9x | - | |||
| $4M | ($91M) | 37.8x | 28.9x | (1.5x) | (2.3x) | |||
| $275M | $58M | 0.3x | - | 1.5x | - | |||
| $64M | $12M | 3.7x | - | 19.5x | - | |||
This data is available for Pro users. Sign up to see all Agriprotein competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Agriprotein
| When was Agriprotein founded? | Agriprotein was founded in 2008. |
| Where is Agriprotein headquartered? | Agriprotein is headquartered in Cape Town, South Africa. |
| Is Agriprotein publicly listed? | No, Agriprotein is a private company. |
| What is Agriprotein's valuation? | Agriprotein was last valued at $117M in its undisclosed-stage round in December 2016. |
| How much funding has Agriprotein raised? | Agriprotein has raised $123M across 2 funding rounds. |
| What was Agriprotein's last funding round? | Agriprotein's last funding round was a $105M undisclosed-stage round in June 2018. |
| Which companies are comparable to Agriprotein? | Companies comparable to Agriprotein include Orthogonal Thinker, Cibus, American Vanguard, Amoeba, Itafos and Avextra. |
| How many companies has Agriprotein acquired? | Agriprotein has acquired 1 company, including Millibeter. |
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