Tomojo, the French startup that specializes in insect-based pet food, has just raised 3 million euros in funding from SWEN Capital, BNP Paribas Développement, and various business angels. Transaction Services - 2CFinance conducted financial due diligence of Tomojo.
Founded in 2017 by Madeleine Morley and Paola Teulières, Tomojo offers to replace traditional animal proteins with black soldier fly and Tenebrio Molitor meal, which are sources of high-quality protein. The kibbles are made in France with 85% of French-origin ingredients. Already being distributed online, at veterinarians, and in Carrefour Market stores in the Paris region, Tomojo now aims to expand its distribution.
With this funding, the company also intends to double its workforce and strengthen its R&D to develop new products.
SWEN Capital is a private equity firm that specializes in sustainable investments. BNP Paribas Développement is a subsidiary of BNP Paribas that supports SMEs in their development. Tomojo had previously raised €1.5 million in seed funding in 2019.
Tomojo's insect-based pet food is a sustainable and ethical alternative to traditional pet food, as insects have a lower environmental impact and can be raised with less water and feed than traditional livestock. The global pet food market is expected to reach $113.08 billion by 2025, and Tomojo is well-positioned to capture a share of this growing market with its innovative and eco-friendly approach.
This funding round marks an important milestone for Tomojo, and the company is well-positioned to continue its success in the rapidly growing pet food industry.