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- Protix
Protix Funding, Investors & Competitors
Protix has raised $187M across 4 funding rounds, most recently a $61M strategic investment round in October 2023.
Last Protix funding round
$61M
Strategic investment · Oct 2023
Cumulative funding Protix raised
$187M
across 4 funding rounds
Key investors in Protix
Aqua Spark
Invest-NL
Rabo Corporate Investments
BOM
BNP Paribas
Rabobank
European Circular Bioeconomy Fund
Tyson Foods
About Protix
Protix is a Netherlands-based industrial producer of black soldier fly proteins and fats for aquafeed and petfood. Operating a 35,000-ton capacity hatchery and mill in Best, the company processes organic waste into sustainable ingredients, replacing 20 percent of fishmeal in salmon diets. Backed by SHV Energy, Protix supplies Cargill and BioMar, expanding to North America with EU-approved products since 2017.
Founded
2009
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Protix Funding History
Protix has raised a total of $187M across 4 funding rounds.
Protix's first fundraising round was a $51M undisclosed-stage round in June 2017. The most recent completed round was a $61M strategic investment round in October 2023.
Protix funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Oct 2023 | Strategic investment | Tyson Foods (lead) | $61M | Protix, a Dutch company specializing in insect-based ingredients from Black Soldier Fly (BSF), secured a strategic investment from Tyson Foods on October 17, 2023, alongside participation from existing backers including Rabo Investments, totaling €55m (US$58m). Tyson Foods acquired a minority stake through direct equity investment to fund Protix's global expansion, marking a key milestone in scaling insect protein production for pet food, aquaculture, and livestock industries. The partnership also established a joint venture to build and operate the first at-scale insect ingredient facility in the continental US, set to ramp up by late 2025, with capacity for 70,000 tons of live larvae equivalent annually by converting 250,000 metric tons of food manufacturing byproducts into proteins and lipids. Protix, founded in 2009 and operating the world's first industrial insect facility since 2019 in Bergen op Zoom, Netherlands, uses Tyson’s byproducts as feedstock to enable circular production. The investment accelerates Protix's international growth, commercial traction, and organizational optimization, leveraging Tyson's US market access and expertise in alternative proteins. Protix aims to reach global gross revenue of €1bn by 2035 through such partnerships. This deal positions Protix amid growing interest from major food companies in insect proteins, following examples like ADM-InnovaFeed and Morrisons-Better Origin collaborations. Tyson views the partnership as advancing sustainable protein solutions and circularity in its value chain. |
| Feb 2022 | Undisclosed stage | European Circular Bioeconomy Fund (lead); Prince Albert II of Monaco Foundation; Rabo Corporate Investments; BNP Paribas; Aqua Spark; Monaco Asset Management; Invest-NL; The Good Investors | $56M | Protix, a Dutch company and worldwide market leader in insect-based ingredients, breeds black soldier fly larvae and processes them into protein for animal feed, pet food, fertilizer, and other applications. It operates an industrial-scale factory in Bergen op Zoom, Netherlands, opened in 2019, and focuses on sustainable proteins from food waste as alternatives to fish meal, soy, and palm oil. In 2021, Protix achieved continued commercial success, completed a breeding program, strengthened its organization, and benefited from EU regulatory changes allowing insect proteins in pig and poultry feed. On February 8, 2022, Protix raised €50 million in an equity funding round led by the European Circular Bioeconomy Fund, with participation from new impact investors BNP Paribas, Prince Albert II of Monaco Foundation, and The Good Investors, alongside existing shareholders Aqua-Spark, Rabo Corporate Investments (formerly Rabo Investments), Invest-NL, and Monaco Asset Management. The funds support international expansion, including new production facilities in the US, Canada, UK, central and eastern Europe, and potentially Asia with partners, as well as R&D in genetics, nutrition, and novel technologies. Total investment reached just over €120 million including prior rounds, but Protix declined to disclose stake details to avoid implying a company valuation. Protix reported €5.7 million in sales and a €13.5 million loss in its 2020 annual report, demonstrating commercial viability at industrial scale ahead of global growth. The company eyes further investment rounds and a possible IPO. Subsequent developments include an EIB loan of up to €37 million in 2024 for expansion in Poland under the InvestEU program, supporting its sustainable bioeconomy positioning. |
| Feb 2021 | Undisclosed stage | Aqua Spark (lead); Rabo Corporate Investments; Brabant Development; Invest-NL | $19M | Protix is a Netherlands-based producer of insect-based proteins, farming Black Soldier Fly for use as ingredients in animal and aquaculture feed, pet foods, and frass-based fertilizer, with products available in 13 countries. In the specified funding round around December 2021, Protix raised €15.5 million (approximately $18.8 million) from Dutch investors led by Aqua-Spark, including Rabo Corporate Investments, Brabant Development Company, and Invest-NL. A subsequent funding round saw Protix raise EUR 50 million in equity for international growth and R&D, supported by new impact investors such as European Circular Bioeconomy Fund (ECBF), BNP Paribas, the Prince Albert II Foundation, and The Good Investors, alongside existing shareholders including Aqua-Spark, Rabo Investments, and Invest-NL. This later round, described as the largest investment in insect farming to date, involved a mix of equity and debt totaling around €45-50 million ($50.5 million). CEO Kees Aarts highlighted 2021 achievements including commercial success, a breeding program, and organizational strengthening prior to this raise. Protix maintains a prominent position in Aqua-Spark's portfolio, representing 9.30% of assets as of December 31, 2023, underscoring its role in sustainable aquaculture investments. The company leads in the fast-growing insect-based ingredients market, focusing on scaling production from the world's largest insect factory. |
| Jun 2017 | Undisclosed stage | Aqua Spark; BOM; Rabobank | $51M | - |
Who has invested in Protix?
12 investors have backed Protix across its funding rounds, including Aqua Spark, Invest-NL, Rabo Corporate Investments, BOM, BNP Paribas and Rabobank.
Lead investors include Tyson Foods, European Circular Bioeconomy Fund and Aqua Spark.
Protix Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | Jun 2017 | ||
| 2 | Participant | Feb 2021 | ||
| 2 | Participant | Feb 2021 | ||
| 1 | Lead | Feb 2022 | ||
| 1 | Participant | Feb 2022 | ||
| 1 | Participant | Feb 2021 | ||
| 1 | Participant | Feb 2022 | ||
| 1 | Participant | Feb 2022 | ||
| 1 | Lead | Oct 2023 | ||
| 1 | Participant | Jun 2017 | ||
This data is available for Pro users. Sign up to see all 12 Protix investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by Protix
Protix has acquired 1 company to date.
Last acquisition by Protix was on September 8th 2018. Protix acquired Fair Insects for undisclosed valuation.
Latest Acquisitions by Protix
| Description | Fair Insects is a Wageningen-based processor of edible insects into protein flours and oils. Sourced from farms in the Netherlands and Kenya, products supply food manufacturers for bars and pastas. Certified EU Novel Food compliant since 2021, the company produces 100 tons annually and exports to 15 European countries. |
| HQ Country | |
| HQ City | Breda |
| Deal Date | 8 Sep 2018 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Protix acquisitions and their M&A valuation multiples. Start Free Trial | |
Protix Competitors
Protix competitors include listed companies like CF Industries, Qinghai Salt Lake Industry, Industries Qatar and SABIC Agri-Nutrient, and private ones like Colossal Biosciences and Biobest.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $7.1B | $3.2B | $20B | 3.1x | ||
| Publicly listed | $2.3B | $1.2B | $20B | 4.5x | ||
| Publicly listed | $4.4B | $1.6B | $17B | 4.4x | ||
| Publicly listed | $3.5B | $1.4B | $16B | 4.1x | ||
| Private | - | - | $10B | - | ||
| Private | - | - | $1.5B | - |
Protix Public Comps
Protix is still privately-owned, but its public comps include CF Industries, Qinghai Salt Lake Industry, Industries Qatar, SABIC Agri-Nutrient, Zhejiang NHU, Fertiglobe, Cathay Biotech, PI Indus, K+S and Bloomage BioTechnology.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $7.1B | $3.2B | 3.5x | 3.1x | 7.7x | 6.8x | |||
| $2.3B | $1.2B | 6.9x | 4.5x | 13.3x | 7.3x | |||
| $4.4B | $1.6B | 3.4x | 4.4x | 9.5x | 14.1x | |||
| $3.5B | $1.4B | 3.8x | 4.1x | 9.5x | 10.1x | |||
| $3.3B | $1.5B | 3.5x | 3.1x | 7.6x | 6.7x | |||
| $2.8B | $1B | 2.5x | 2.1x | 6.9x | 5.8x | |||
| $491M | $115M | 6.7x | 5.9x | 28.5x | 22.1x | |||
| $695M | $199M | 4.8x | 4.6x | 16.7x | 18.9x | |||
This data is available for Pro users. Sign up to see all Protix competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Protix
| When was Protix founded? | Protix was founded in 2009. |
| Where is Protix headquartered? | Protix is headquartered in Breda, Netherlands. |
| Is Protix publicly listed? | No, Protix is a private, VC-backed company. |
| How much funding has Protix raised? | Protix has raised $187M across 4 funding rounds. |
| What was Protix's last funding round? | Protix's last funding round was a $61M strategic investment round in October 2023, led by Tyson Foods. |
| Who are Protix's investors? | Protix's investors include Aqua Spark, Rabo Corporate Investments, Invest-NL, European Circular Bioeconomy Fund, Prince Albert II of Monaco Foundation, Brabant Development, BNP Paribas, Monaco Asset Management, Tyson Foods, BOM and 2 others. |
| Which companies are comparable to Protix? | Companies comparable to Protix include CF Industries, Qinghai Salt Lake Industry, Industries Qatar, SABIC Agri-Nutrient, Colossal Biosciences and Biobest. |
| How many companies has Protix acquired? | Protix has acquired 1 company, including Fair Insects. |
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