Polish biotech startup Proteine Resources, which produces premium insect-based protein and bioactive compounds for use in animal feed, veterinary supplements, cosmetics, and medicines, has secured €1.4 million in funding, led by SMOK Ventures with support from Bitspiration BoosterVC.
- Founded in 2018 by Konrad Włodarczyk and Bart Roszkowsk, Proteine Resources is a Polish biotech startup revolutionizing the use of insects across various industries.
- The company produces premium insect-based protein with a 64% protein content, enriched with unique amino acids, fatty acids, and vital nutrients. It serves the poultry feed, pet food, and veterinary supplement markets, enhancing animal health while being 50% more cost-efficient than competitors.
Details of the deal
- The round was led by SMOK Ventures, a Warsaw-based venture capital firm that invests between $100,000 and $1 million in early-stage software startups across Central and Eastern Europe. In January, the firm closed a $25 million fund to invest in CEE startups.
"We highly value the great combination of the founders' competencies: Konrad Włodarczyk's experience in the foodtech sector and Bart Roszkowski's experience in scaling businesses, known from projects such as building the global success of our other portfolio company - Alokai (previously Vue Storefront)," SMOK Ventures' team, commented on LinkedIn.
- Krakow-based Bitspiration BoosterVC, a venture capital fund investing in early-stage science and tech startups across the CEE region, also joined the funding round.
- With the fresh capital raised, the startup will use the funds for development, targeting PLN 270 million in annual revenue from insect protein sales by 2030.
