December 18, 2023

Pomona Invests in ProNuvo

Pomona Impact Fund II proudly announces its latest investment of $3 million in ProNuvo, a Costa Rica-based leader in Black Soldier Fly Larvae (BSFL) production. This investment is part of a larger $6 million convertible debt round, which includes participation from Latin American Partners, aimed at increasing ProNuvo's production capacity by 30%. This move is set to address the surging demand for sustainable and environmentally friendly animal feed solutions.

Founded in April 2018, ProNuvo has made significant strides in the BSFL industry, starting with a pilot plant and expanding to an industrial-scale facility. The company has been a pioneer in producing high-quality, sustainable animal feed from BSFL, significantly reducing environmental footprints by transforming organic waste into high-quality, sustainable animal feed, thereby mitigating landfill usage, lowering greenhouse gas emissions and drastically reducing water usage in the production of protein. This aligns perfectly with Pomona's commitment to investing in businesses that generate a tangible positive impact on society and the environment.

ProNuvo's products, rich in protein and nutrients, provide substantial benefits in free-range chicken, aquaculture and pet food markets. The company's cost-effective and large-scale production capabilities, coupled with its strategic location in Costa Rica, give it a competitive edge in the global market, expected to reach USD 3.88 billion by 2028.

Gabriel Carmona CEO of ProNuvo commented, “We are thrilled to announce the addition of Pomona Impact Fund to the ProNuvo family. This collaboration marks a significant step towards achieving our shared goals of promoting a circular economy in the feed industry. Our combined efforts are poised to create a substantial impact across Latin America, aligning with our commitment to sustainable development in the region.”

Daniel Granada, Managing Partner at Pomona Impact, commented, “Our investment in ProNuvo reflects our commitment to innovation for sustainable agriculture in Central America. Investing in ProNuvo is not just a strategic business move; it's a conscious choice to contribute to the advancements in sustainable agriculture that are crucial in addressing the global challenges of food production and climate change. We look forward to witnessing the transformative effects of this partnership on the future of sustainable protein production.”

About Pomona Impact Fund II

Pomona Impact Fund II, LP (“Fund II”) invests in Small Growing Businesses (SGBs) across Central America, Mexico, Colombia, and Ecuador. The Fund focuses on sectors such as Agriculture, Basic Goods & Services, and the Digital Economy. Combining financial returns with social and environmental impact, Fund II has approved investments worth $14.5M and continues to explore new opportunities that align with its mission. For more information, visit Pomona Impact’s website

About ProNuvo

ProNuvo specializes in the production of sustainable animal feed from Black Soldier Fly Larvae. With a commitment to environmental sustainability and circular economy principles, the company addresses global challenges such as waste management and conservation of natural resources. ProNuvo's innovative approach and cutting-edge technology make it a leader in the BSFL industry. For more information, visit ProNuvo's website.

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