8 May 2025, Bucaramanga, Colombia. S2G Investments (“S2G”), a late-stage venture and growth-stage investor across food & agriculture, oceans and energy, and Ocean 14 Capital Fund I, a private equity impact investment fund focused on the United Nations’ Sustainable Development Goal 14 (SDG 14): Life Below Water, have entered into a joint investment agreement with Enthos Circular Feed Technologies (“Enthos”).

Enthos is pioneering the upcycling of organic waste into high-quality insect-based protein and oils with an approach that lowers the environmental footprint of protein production and delivers scalable solutions to feed a growing global population.

The investment will support Enthos 1, a flagship facility in Colombia set to become one of the largest in Latin America dedicated to using insects to upcycle organic waste into food-grade protein and oil products for the animal and aquaculture feed industry. The conversion process relies on Black Soldier Fly larvae, which rapidly consume food waste and transform it into protein-rich insect meal, valuable oils, and mineral-rich organic fertilizer with minimal environmental impact.

With the world’s population projected to surpass 10.3 billion by mid-2080 and, according to the World Food Programme’s 2025 Global Outlook, food insecurity already impacting 343 million people across 74 countries, the need for scalable, sustainable food solutions is more urgent than ever. At the same time, more than $1 trillion worth of food is wasted each year, with food waste landfills contributing 8% to 10% of total agrifood system emissions, according to the 2024 Food Waste Index Report.

Diverting 1% of global food waste to Black Soldier Fly production could yield an estimated 332,000 metric tonnes of protein annually and one million metric tonnes of organic fertiliser, requiring minimal resources compared to traditional livestock and generating significantly lower greenhouse gas emissions (about 0.017 kg CO₂-eq per kg protein versus 57–500 kg CO₂-eq per kg protein for livestock). By converting waste back into food, Enthos contributes to establishing a circular food economy and more sustainable food production.

“Turning organic waste into high value protein and oils has the triple benefit of sustainably feeding more people, reducing ever-growing organic waste volumes and lowering methane volumes emitted from landfills,” says Andreas Grimminger, Chief Executive Officer and Co-Founder at Enthos, adding, “The Black Soldier Fly larvae are ferocious consumers of food waste and grow over 200 times in a feeding period of 15 days.”

A recent study suggests that some 70% of fishmeal and 73% of fish oil is used in aquaculture to feed farmed fish. “From our point of view, insect meal produced by Enthos is a key alternative to the fishmeal used in aquaculture, with aquafeed remaining one of the largest applications of fishmeal globally,” says Piers Lakin, Principal at Ocean 14 Capital Ltd., adding, “As fishmeal is a limited resource with production volumes subject to environmental fluctuations its use as the sole protein source for fish production is not a sustainable option either economically or environmentally, so we see insect protein as an integral part of a portfolio of alternative proteins that we see reducing the reliance on fishmeal and fish oil.” 

“Enthos stood out to us for its ability to turn waste into a high-value asset that fits seamlessly into global food and feed markets,” said Larsen Mettler, Managing Director at S2G. “With existing demand from aquaculture and livestock producers, we believe they’re demonstrating that insect protein is a commercially viable, climate-aligned solution.”

Global compound feed production is estimated to exceed 1 billion tonnes annually, and the demand for sustainable protein inputs continues to rise. Insect-based feed is emerging as a key solution to replace fishmeal and other high-value protein sources. The global insect protein market size reached a value of $1.01 billion in 2023 and is projected to grow at a CAGR of 16% between 2024 and 2032 to reach a value of $4.09 billion by 2032, driven by the need for sustainable protein sources and environmental concerns.

About Ocean 14 Capital

Ocean 14 Capital Fund 1 SCSp (“Ocean 14 Capital Fund” or the “Fund”) is a €201 million impact fund focused on driving a sustainable and regenerative blue economy. The Fund’s investment adviser, Ocean 14 Capital Ltd, has a team who combine more than 65 years of investment, impact and industry experience. The investment adviser’s team and advisors are considered to be some of the world’s most renowned scientists and marine biologists, and therefore are in a unique position that enables them to access to deal flow and sector knowledge. For more information about Ocean 14 Capital, visit www.ocean14capital.com.

About Enthos Circular Feed Technologies

Enthos Circular Feed Technologies is dedicated to upcycling organic waste into food grade protein and oil products using the larvae of the Black Soldier Fly (BSF), which consumes the waste and is harvested before fully maturing and then processed into animal feed ingredients. With a ready market in the animal feed industry, Enthos 1 will be the first commercial scale plant in Latin America dedicated to using insects to upcycle organic waste into high-quality protein meal, addressing a critical need for sustainable protein sources for mariculture and animal feed. For more information about Enthos, visit www.enthos.co.

About S2G Investments

S2G is a multi-stage investment firm focused on venture and growth-stage businesses across food & agriculture, oceans, and energy. The firm provides capital and value-added resources to companies and leadership teams pursuing market-based solutions designed to deliver greater value, improved outcomes, and enhanced performance over traditional alternatives. With a commitment to creating long-term, measurable outcomes, S2G structures flexible capital solutions that can range from venture funding through growth equity to debt and infrastructure financing. For more information about S2G, visit www.s2ginvestments.com.