Insect Protein Company ProNuvo Raises $2 Million from IFC for New Plant in Costa Rica

The International Finance Corporation (IFC) has announced an initial investment of $2 million in ProNuvo, a Costa Rica-based company that produces insect-based animal feed. This investment aims to foster the circular economy in Latin America and the Caribbean.

The financing, part of IFC’s Upstream activities, will enable ProNuvo to complete the construction of a 4,000 metric ton per year industrial insect feed plant in Guápiles. Additionally, IFC will support the global expansion of the insect protein industry, which is projected to reach a market opportunity of $11 billion in the aquaculture and pet food sectors.

Established in 2018, ProNuvo specializes in harvesting black soldier fly larvae, a species native to Costa Rica and other tropical regions. The company feeds the larvae with organic waste, converting it into high-quality fats and proteins. The process also produces frass, a nutrient-rich organic fertilizer.

“At ProNuvo, we transform waste into high-quality products to generate a positive environmental and social impact,” said Miguel Carmona, co-founder and chairman of ProNuvo. “We are proud to operate in a country that is committed to the environment and to have the support of collaborators like IFC that are perfectly aligned with our mission of creating a more sustainable food chain for future generations.”

Sanaa Abouzaid, IFC regional manager for Central America, stated, “IFC is delighted to support ProNuvo’s growth and commitment to innovation, sustainability, and competitiveness. As global industry catalysts, we seek to foster circularity and demonstrate the industrial-scale commercial viability of the project.”

This investment aligns with IFC’s global strategy in the insect protein sector, which focuses on promoting development based on quality and sustainability standards. The strategy also aims to catalyze innovation processes in coordination with other key actors in the value chain.

ProNuvo’s operations contribute to the circular economy by utilizing fruits and vegetables that would otherwise go to waste. Insect protein production offers significant climate benefits compared to other animal feed sources, including a lower greenhouse gas footprint and reduced resource requirements. ProNuvo’s process, for example, uses 10% of the soil, 8% of the time, and 6% of the water needed for other protein sources, which are often linked to deforestation and overexploitation.