Sirius Venture Capital, a Singapore-based food tech and logistics-focused venture capital firm, has co-anchored a $3 million funding round in Hargol FoodTech, an Israel-based startup that produces alternative protein source from grasshoppers.
Sirius was joined by other existing investors, including the Netherlands-based SLJ Investment Partners and Israel-based Trendlines Group in the latest round of investment. UK-based Agriline also participated.
Hargol, co-founded by Dror Amir, Chanan Aviv, and Ben Friedman, breeds grasshopper species that it uses to produce what it describes as high-quality, sustainable, and consumable protein. It provides grasshopper supplies and protein power to food and ingredient manufacturers worldwide.
Grasshoppers have the highest protein yield per kilogram among all the other edible insects. Grasshopper protein comprises 72 per cent protein content, all the essential amino acids, and zero saturated fat and cholesterol.
Sirius Venture founder and managing director Eugene Wong Hargol’s business model is relevant as the world is looking to cope with the demand for protein due to the growing global population.
“Hargol is on an insect-to-food mission to produce grasshoppers as an alternative protein source. This represents an immense untapped market at the intersection of this issue,” Wong said.
The latest deal is Sirius Venture’s follow-on investment in Hargol. The VC firm also invested in the startup’s pre-seed and seed rounds. The fresh funding will be used to expand Hargol’s production capacity, including a new production facility and the launch of a new product line.
“We are excited by the opportunity to offer a combination of modern, healthy, and sustainable innovative food products that are connected to humanity’s origin,” said Hargol CEO Dror Amir.
Sirius Venture is focused on startups in the food tech and logistics space, with funding size of between $100,000 and $600,000. In 2018, the VC firm Singapore-based venture capital firm Sirius Venture Capital made a strategic investment in Israeli biotech and food-tech startup SuperMeat‘s seed funding round, which raised $3 million.
It also backed an $8-million Series A funding round in Israeli foodtech firm Genie Enterprises, which was invented an automated computer-controlled cooking device.