Team:

We have managed to attract senior talent of international calibre to the management team: all our C levels (Gianpaolo Pugliese, George Herschel, Marco Russotto) have more than 15 years of experience in internationally renowned companies (Bacardi, TetraPak, IBM, Ericsson, etc.); previously, all have held management positions. In addition, our investment advisors include internationally renowned entomologists (Marie Curie Prize, the most prestigious postdoctoral fellowship awarded by the European Union) and winners of prestigious awards and recognitions in the food retail sector (Forbes Top Italian influencing manager; Store Brands Rising Star).

Market

The pet food industry is a growing sector (CAGR 2023-2028: 5.8%), driven by the increasing pet population worldwide (in Spain there are twice as many pets as children under 15 years old). Interest in alternatives to traditional meat is increasing rapidly and this means that the insect-based feed segment in which we have positioned ourselves has higher growth expectations than the CAGR (compound annual growth rate) of the pet food market itself (Global Market Insights puts the CAGR of the Spanish insect-based feed market at 42.9%).

The European insect based pet food market has already been validated by other players: it is not monopolistic and is starting to be exploited in Southern Europe, offering great opportunities for GINQO to position itself as a leader in the category in Spain and to expand in Europe.

Trends

• Responsible Eating is increasingly on the rise and flexitarians and climitarians are transferring their new consumption habits focused on fighting climate change and promoting sustainability to their pets.
  
• In line with the European Agenda 2030 and the United Nations Sustainable Development Goals, goal "12. Responsible production and consumption" being our first commitment (in addition to contributing positively to SDGs 11, 13, 13 and 15: Sustainable Cities, Climate Action, Underwater Life and Terrestrial Ecosystems).
  
• Acceleration in national regulation of the sector: the Spanish Food Safety and Nutrition Agency has authorised 4 insects for human consumption in the last 2 years. Currently, 8 other insect applications (including our Hermetia Illucens) are pending assessment by the European Food Safety Authority for marketing in different forms (here is a selection of questions and answers related to this approval process).

Producto

A value proposition focused on improving the health and beauty of our furry friends while taking care of the planet (for more detailed information see the "State of development" section in the Business Model > Product > read more):

• Backed by science: more than 1900 scientific publications prove that the larvae of Hermetia Illucens (black soldier fly) are a surprisingly beneficial food source for pets and totally respectful of the planet. Moreover, the Black Soldier Fly is a trending topic in the scientific world: one third of all articles (608) were published last year (2022).
• Sustainability: in addition to the product's groundbreaking characteristics, which save 37,000 litres of water for every 3 kg of GINQO and reduce CO₂ emissions by up to 100 times, we have set ourselves very high sustainability standards: 

  • 100% of the energy used in our facilities comes from renewable sources.

  • 100% electric transport

  • 100% recyclable packaging

  • Plastic free and FSC-certified packaging accessories (boxes and tapes)

  • Sustainable displays (POS) in compressed recycled wood

  • Made in Spain

Scalability

Our first product is called GINQO and its commercialisation has started in Spain. However, the ambitions and potential of Proteco Food & Feed reach to cover the entire vertical of the nascent insect farming industry (not only pet food) and touch the entire European geography (for more detailed information see the "Scalability" section in the Business Model > Business Model tab > read more).