Agrifoodtech startup MicroHarvest has entered into a partnership with German venture capital firm Simon Capital worth €1.5 million ($1.6 million).
The Hamburg-and-Lisbon-based fermentation company aims to produce protein ingredients for the feed and food industry, and has conducted tests on shrimp feed.
"Our focus currently lies on shrimp feed, but we will expand broader into aquaculture and eventually work on feed for salmon and Mediterranean species," MicroHarvest CEO Katelijne Bekers told IntraFish.
Simon Capital's €1.5 million investment in the company, which brings total funding to about €10 million ($11 million), will allow MicroHarvest to work towards key commercialization milestones.
As part of its efforts to enter the market by the end of 2023, the company is building a pilot plant at a new location in Lisbon. This plant will enable the startup to produce prototypes and accelerate research.
The company closed a €8.5 million ($9.3 million) series A financing round last autumn that included Belgium investment firm Astanor Ventures, German-based venture capital firm FoodLabs and Hong Kong-based venture capital firm Happiness Capital.
Series A financing are investments in privately held startup firms after they have shown progress in building business models and potential to grow and generate revenue.
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