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The food-tech start-up based in Lithuania has raised 3-million euros in a second round of funding to develop company’s high-quality and insect-derived ingredients, along with an aim of getting 50 million euros by first and second quarter of 2023.

Insect protein is rapidly becoming the go-to meat and alternative-channelling the aggressive growth of the company that was founded in 2020 to create traceable and sustainable ingredients from the yellow mealworm (Tenebrio Molitor).

Kestutis Lipnickas, cofounder and chief executive officer of Divaks, said the yellow mealworm is an exceptional protein source, which combines the nutritional quality of beef with the sustainability credentials of many alternatives based on plants.

The larval form of the mealworm beetle, which is a species of darkling beetle, the yellow mealworm also provides a complete protein source with all the essential amino acids, minerals and vitamins. The nutritional values and functional properties of yellow mealworm unlock many opportunities in several food categories, including meat alternatives, sports nutrition, snacks, and confectionery.

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The biggest advantage of insect farming is generating substantially decrease greenhouse gas emissions and also requires less land and water. Kestutis Lipnickas said that their main focus from day one has been to use these insects to create some added value ingredients, specialists, and solutions for the food industry. He also said with their unique, and vertically integrated technology, they can provide high-quality insect protein products, which are tailored to the demands of both consumers and clients.