Pronofa raises $17.3 million for further growth of its alternative proteins
Thursday, January 13, 2022
Norwegian alternative protein producer, Pronofa, raised NOK 150 million (USD 17.3 million) in equity and, at the same time, made Reitan Kapital AS the strategic owner, to develop nutritional ingredients for the feed and food industry.
Pronofa develops alternative proteins for the feed and food industry from local sustainable sources to meet the increased demand for proteins and other nutrients. The company is a spin-off from Denofa AS, Norway's largest producer of vegetable proteins and oils for the feed and food industry.
Pronofa will be Norway's largest industrial investment in new sustainable proteins for feed production and also with applications within protein supplements for food, chitin and fertilizers. The company plans production on an industrial scale during 2023.
The company recently acquired the insect producers Flying Feed and Ecoprot, which, for a long time, has researched and developed high-protein products from black soldier fly. From compost and biowaste, Pronofa can produce high-value products for the aquaculture industry. In addition to insect production, Pronofa is testing tunicates and other marine protein sources for animal feeds. The goal is a broad protein portfolio.
The new equity issue will be used for further development of the company. In this latest capital raising, Reitan Kapital contributed NOK 42 million (USD 4.8 million) and thus owns 10% of the company. Denofa AS (31%) and Canica (10%) chose to maintain their ownership interest by participating with NOK 46.5 million (USD 5.4 million) and NOK 15 million (USD 1.7 million) in this issue, respectively. In addition, the company has acquired Sinkaberghansen AS and several of the companies of the Grieg family as new investors in this issue. A number of existing shareholders also participated in this financing round, including Kreano AS (Bjørge Gretland, Chairman of the Board of Pronofa), Six-Seven AS (Haakon Sæter, Board member of Pronofa), Macama AS and Farvatn Private Equity.
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