Insect protein wins: Loopworm raises US$3.25M, Proteine Resources secures €9.5M, and more

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Happy Friday!

Insect-based pet food received lots of attention (and funding) this week. India-based startup Loopworm raised US$3.25 million, while Poland’s Proteine Resources raised €9.5 million.

Our Spotlight this weeks takes a closer look at silkworm-based pet nutrition, and why the next big brands in this field are expected to come from Asia.

And in case you missed it: Don’t miss our enjoyable interview this week with WIMBA, who is redefining prosthetics and orthotics for pets, and has so far helped over 1,000 patients globally!

IN TODAY’S EDITION

FROM OUR SPONSOR

🇮🇳 Loopworm raises US$3.25M in pre-Series A round ● Biomanufacturing startup Loopworm, which focuses on sustainable protein production using farmed insects for pet food and acquaculture, has raised US$3.25 million in a pre-Series A round. The round was led by WaterBridge Ventures and ENRISSION INDIA CAPITAL and will be used to commercialise Loopworm’s silkworm-based recombinant protein production technology, targeting diagnostics, animal vaccines, and other high-impact applications.

🇵🇱 Proteine Resources secures €9.5M in EU EIC Accelerator funding ● Proteine Resources has raised €9.5 million in blended financing from the European Innovation Council (EIC) Accelerator to build an autonomous insect protein factory and launch beef alternative for pets. 

🇺🇸 Three Dog Bakery enters partnership with PetSmart ● Three Dog Bakery has entered into a partnership with PetSmart, bringing its dog treats into PetSmart stores across the U.S..

🇨🇳 China Eastern Airlines expands “pet‑in‑cabin” service to 17 domestic routes ● From July 1, China Eastern Airlines has expanded its “pet-in-cabin” services to 17 domestic routes. The expansion follows similar moves by other Chinese airlines, including Hainan Airlines and Xiamen Airlines.

PRODUCT NEWS

🏴󠁧󠁢󠁳󠁣󠁴󠁿 Wilsons launch fresh meals for dogs ● Wilsons Pet Food has launched a new range of freshly prepared meals for dogs. The recipes include wholefoods, superfoods, vitamins, minerals and pre and probiotics, as well as grain-free and wheat-free meals.

🇮🇪 SuperValu Insurance launches lifetime cover for pets ● The lifetime cover is offered in partnership with Cover-More and also includes vet fee cover.

SPOTLIGHT: OPENING A CAN OF (SILK)WORMS

The humble silkworm is not often considered a protein source for pets (unlike the cricket, black soldier fly larva and mealworm). Loopworm’s US$3.25 million raise this week has thrown the spotlight back on silkworm-based protein.

India-based Loopworm plans to use the new funding to scale its silkworm-based protein platform. The startup has also already received EU TRACES certification for its silkworm pupae-derived products.

Silkworm-based pet food entails transforming silkworm pupae, a byproduct of silk production, into high-protein, hypoallergenic, and eco-friendly pet nutrition. In short, upcycling waste from the silk industry.

This means Asian countries with long-established silkworm farming (sericulture) are poised to churn out the next leaders in this space. The largest of these countries are China and India, but also include Vietnam, Thailand, Japan and South Korea.

Besides Loopworm, another foray into silkworm-based pet nutrition is Taiwan’s Munchee, which in 2023 launched Silkworm Pupae cat food.

Developed by Furtime in partnership with researchers from Miaoli District Agricultural Research and Extension Station, the product reportedly contains natural antimicrobial chemicals, along with protein, fats, carbohydrates, chitin and omega-3 fatty acids. 

Meanwhile, in 2021 researchers in Thailand conducted a study to assess the health benefits of silkworm versus crickets in dogs.

Watch this space: Silkworm-based pet food may be niche for now. But as interest grows, the next big silkworm-based pet brands will likely hail from Asia.

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