Hargol FoodTech, a portfolio company of The Trendlines Group (SGX: 42T) (OTCQX: TRNLY), announced today that it completed a financing round of $3 million from existing shareholders, Singaporean-based Sirius Venture Capital and Netherlands-based SLJ Investment Partners.
Hargol FoodTech a world leader in commercial grasshopper farming has developed an innovative farm system for high-quality and sustainable grasshopper protein production. Edible insects are gaining momentum as a high-protein, low-cost alternative that is efficient to produce and requires minimal resources compared to other protein-rich foods.
Hargol FoodTech took up the challenge of providing a superior protein alternative based on its proven technology and optimized methods of growing grasshoppers quickly and under sanitary conditions. The Company proved that its grasshoppers contain more than 70% protein, all essential amino acids, and high levels of omega-3 and omega-6.
"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.
The funds raised in this round will be used to expand Hargol's production capacity including a new production facility and launch the Biblical Protein products line.
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. This follow-on investment after funding in the pre-seed and seed rounds demonstrates Sirius' confidence in Hargol."
About Sirius Venture Capital Pte Ltd
Sirius Venture Capital Pte Ltd is a Singapore-based venture capital and entrepreneurial finance company with vested interest in F&B companies in the areas of food production, supply chain and consumption. Sirius has expanded its portfolio to include food delivery businesses through its venture in Lalamove and has invested further upstream to include overseas food tech companies. Sirius' placement in food tech is aligned with the company's investment direction of seizing emerging opportunities in the food domain, as well as for overseas food tech companies to make Singapore their base to expand into Asia, therein transforming Singapore into a leading food and nutrition hub in Asia.
About Hargol FoodTech
Hargol FoodTech is a world leader in grasshoppers farming. The company has developed optimized methods and technology to enable growing grasshoppers quickly and under sanitary conditions for a reliable, sustainable, and quality protein source. Hargol FoodTech's product lines include grasshopper protein powder, supplements and meat replacement products. Hargol FoodTech has won multiple awards, among them President of Israel "Changing the World", SEAL sustainability award, TLV Startup Challenge, Get in the Ring Global, Green Impact Summit.