SA Start-Up Inseco Secures $5.3 Million In Seed Funding
SA Start-Up Inseco Secures $5.3 Million In Seed Funding. It has been reported that South African startup Inseco has secured $5.3 Million in seed funding from investors such as Futuregrowth Asset Management, E4E Africa and Oak Drive Ventures.
“We are finding a new home for food products that would have been otherwise destined for landfill,” Simon Hazell, Inseco’s chief executive officer, said in an interview with Business Tech. Inseco is an insect protein company. Using the power of Black Soldier Flies, Inseco converts low-value organic by-products into insect-based proteins, lipids, fertiliser and chitosan. It’s products have numerous applications in animal feed, pet food, crop production, cosmetics and pharmaceuticals. Using cutting edge technology, the company is responding to the demand for sustainable and high-quality ingredients to feed a rapidly growing global population.
Futuregrowth is a fixed interest investment company that creates opportunities for investors to choose returns that matter. Managing clients’ assets of around R193 billion (+/- US$12 billion), across the full range of interest bearing and developmental investments, Futuregrowth has developed one of the largest and most experienced teams of investment professionals in the fixed interest space. It’s team of investment professionals use their investment skills and diverse experience to manage the risks of investing in the capital markets while targeting benchmark-beating returns for investors.
The funding will be used to grow Inseco’s team and expand its technology into new markets. Furthermore, it aims to increase the manufacturing capacity at its Cape Town plant as well as double-down on its research and development efforts. Now more than ever, Inseco is seeing the importance of food security and sustainability, and the responsibility that it has to be a more resource efficient society for future generations.
