IFC Invests $2 Million in Costa Rican ProNuvo, Insect Protein Feed Company

The funds will complete the construction of 4,000-ton annual capacity plant in Guápiles for sustainable animal feed production.

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ProNuvo, a Costa Rican company founded in 2018, has received a $2 million investment from the International Finance Corporation (IFC), part of the World Bank Group. The company specializes in breeding Hermetia Illucens larvae, commonly known as black soldier fly, a species native to Costa Rica and other tropical countries.

The company’s process involves feeding organic waste to the larvae, which convert it into high-quality proteins and fats. The production residues are then transformed into valuable organic fertilizer for plant nutrition. This circular approach aims to create a more sustainable food chain for future generations.

Miguel Carmona, ProNuvo’s co-founder and board president, emphasized the company’s commitment to transforming waste into high-quality products. The IFC funding, part of its Upstream market development activities, will enable ProNuvo to complete the construction and launch of a plant in Guápiles with an annual production capacity of 4,000 tons.

IFC’s investment aligns with its global strategy in the insect protein sector, which aims to promote development based on quality and sustainability standards. The project also seeks to catalyze innovation processes in coordination with other key players in the value chain.

ProNuvo’s operations offer significant climate benefits compared to other animal feed sources. The production of insect protein emits substantially fewer greenhouse gases and requires fewer resources. For instance, ProNuvo’s process uses 10% of the land, 8% of the time, and 6% of the water demanded by typical protein sources that present risks related to deforestation and overexploitation.

The emerging insect protein industry addresses the market for aquaculture and pet food, estimated at $11 billion. IFC’s support will help accelerate the global expansion of this sector, demonstrating its commercial viability on an industrial scale while fostering circularity in the food production chain.

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