Hargol FoodTech, an Israeli startup that developed a farm system for sustainable grasshopper protein production, announced that it completed a financing round of $3 million from existing investors Singapore-based Sirius Venture Capital and Netherlands-based SLJ Investment Partners.
Founded in 2014, the award-winning company already has full facilities set up in northern Israel and is selling in both Europe and the United States. Hargol FoodTech’s product lines include grasshopper protein powder, supplements, and meat replacement products
The funds raised in this round will be used to launch a new product line called Biblical Protein and expand Hargol’s production capacity including a new production facility, the company said in a statement.
“With incredible interest from the market in our new line of theological food products – Biblical Protein, 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,” remarked Dror Tamir, CEO of Hargol.
Founder and Managing Director of Sirius, Eugene Wong, commented, “The world is looking to reinvent dietary habits to cope with double the demand for protein as the global population increases by 2050. To address this global concern, 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.”