Bulgarian pioneering insect-tech Nasekomo secures €2.5M in grant money

Sofia-based insect-tech scaleup company Nasekomo has been awarded €2.5 million in grant capital to drive innovation in biotechnology under the European Recovery and Sustainability Plan. Thanks to the funding, the company will establish insect farms network to combat overfishing.

• Founded in 2017, Nasekomo is biotechnology company undertaking insect farming. The scaleup specifically rears Black Soldier Fly species to produce protein, oil, and fertilizer for the feed and agriculture industries. Nasekomo’s insect farm network helps reduce overfishing and wild fish depletion, saving 560,000 tons of wild fish from becoming fishmeal yearly.
• Moreover, by replacing soybeans in animal feed, it reduces Europe’s reliance on imported soybeans, decreasing the environmental impact associated with soybean cultivation and transportation. According to the company’s estimates, the efforts will be able to cut carbon emissions by a significant 430,000 tons annually, contributing to a more sustainable future. 
• The grant is going to be disbursed through the Bulgarian Ministry of Innovation and Growth. Out of the total grant allocation exceeding BGN 34 million for all 12 approved companies, Nasekomo will be granted BGN 4,9 million (€2,5 million).
• With the grant support, Nasekomo will supply the partnering bioconversion factories with Hermetia Illucens larvae, robotized bioconversion equipment, and digital platform to analyze and leverage data through machine learning algorithms, establishing an international network of bioconversion factories.