Ittinsect, the pioneering Italian biotech dedicated to making aquaculture independent of marine resources, has closed 2023 on a high note by achieving three Sustainable Development Goals (SDGs) from the United Nations’ 2030 Agenda. These goals, agreed upon by UN member states, form part of the broader Global Agenda for Sustainable Development.

Thanks to the support of 22 European fish farmers who have adopted Ittinsect’s innovative feeds, the Italian scale-up is actively contributing to the reduction of human impact on marine biodiversity. Founded in 2021, Ittinsect produces sustainable aquaculture feeds through biotechnological processes, using alternative protein sources to traditional fishmeal.

“Our daily mission is to protect the sea from human impact. The team and I are honoured to have made a significant contribution to preserving the marine ecosystem. Our greatest ambition is to see the seas and oceans full of life again – a goal that can only be achieved through the perseverance and dedication that defines us” – Alessandro Romano, founder and CEO of Ittinsect

A Breakthrough Year: Key Achievements in 2023

In 2023, Ittinsect made significant strides in promoting environmental and economic sustainability. Here’s a closer look at their key achievements in the sustainable aquaculture field:

Protecting Marine Biodiversity: SDG 14

Under the umbrella of SDG 14, which focuses on conserving underwater life, Ittinsect has safeguarded 3,102,353 forage fish from commercial fishing. This monumental effort underscores their commitment to preserving marine ecosystems and reducing the human impact on oceans and seas.

Enhancing Food Security: SDG 2

In alignment with SDG 2, which aims at achieving food security and promoting sustainable aquaculture, fish farmers using Ittinsect’s feed produced 23,276 additional portions of fish without incurring extra costs. This achievement highlights the effectiveness of Ittinsect’s alternative feeds in boosting fish production while ensuring economic viability for farmers.

Promoting Sustainable Consumption: SDG 12

Ittinsect has also made impressive progress under SDG 12, which seeks to ensure sustainable consumption and production patterns. By upcycling 79,680 kilograms of agro-industrial by-products, the company has demonstrated a strong commitment to circular economy principles, effectively turning waste into valuable resources for aquaculture feed.

Driving Innovation with Biotech

Ittinsect’s success is rooted in its patent-pending biotechnological processes. By extracting high-value proteins from insects and agricultural by-products, they have created a sustainable alternative to traditional fishmeal. This approach not only reduces the need to harvest fish from the ocean but also enhances the growth performance, health status, and survival rates of farmed fish.

Ittinsect’s remarkable achievements in 2023 were supported by €1.5 million in funding from private investors and various grants. Key investors include Katapult Ocean, CDP Venture Capital, Indico Capital Partners, and Zest (formerly LVenture), along with national and regional grants from Invitalia and Lazio Innova, and debt instruments from Intesa Sanpaolo.

The rapid adoption of Ittinsect’s products by 22 European fish farmers reflects a growing industry willingness to embrace feeds that reduce environmental impact and promote sustainable aquaculture. This widespread acceptance is a testament to the quality and sustainability of Ittinsect’s feeds.

Our FoodTech Data Navigator tracks 62 alternative feed startups, spanning technologies like insect-based protein (e.g. Black soldier fly larvae, Mealworms, Crickets), and marine supplements (e.g. Seaweed-based). There are 12 companies that have been featured in the FoodTech500 (across all editions). Our data shows a sharp rise in capital raised from 2018, with a 31% CAGR through 2023. 

Looking Ahead

Ittinsect’s achievements in 2023 set a high bar for future sustainability efforts in the aquaculture industry. As they continue to innovate and expand, their commitment to environmental stewardship and economic viability remains unwavering. By meeting UN SDG targets and driving industry adoption of sustainable practices, Ittinsect is paving the way for a more sustainable and prosperous future in aquaculture.

Ittinsect is a first-timer in the FoodTech 500 for 2023 and among the 250+ European startups that made it to this year’s list.

 

Don’t miss out! Be an Early Applicant for a chance to be a part of the 2024 FoodTech 500. Apply by July 31st, 2024, and fast-track your application to be reviewed sooner, giving you a head start in the assessment to join the ranks of the most innovative food tech startups. Know an innovative AgriFoodTech company that’s making waves? Nominate them for the next edition of the FoodTech 500. Read about all about what’s new in the 2024 FoodTech 500 and how startups, scale-ups, and ecosystem players can benefit from it.

 

Forward Fooding is the world’s first collaborative platform for the Food & Beverage industry via FoodTech Data Intelligence and Corporate-Startup Collaboration – Learn more about our Consultancy and Scouting Services and our Startup Network.