Hogan Lovells Advises British International Investment on Subordinated Notes Issue for nextProtein

Hogan Lovells advised British International Investment plc on the structuring and subscription of fixed‑rate subordinated Notes issued by nextProtein. The Notes were issued as part of a €18 million Series B funding round for nextProtein, a Paris‑based agritech company specialising in sustainable, insect‑derived protein. The funding round was co‑led by British International Investment plc (BII) and SWEN Capital Partners’ Blue Ocean Fund, alongside existing investors Mirova and RAISE Impact. The transaction also included a €4 million senior loan provided by Société Générale, CIC Paris Innovation and La Banque des Start‑ups by LCL. nextProtein uses black soldier fly larvae to convert low‑grade agricultural by‑products into protein powder (nextMeal), oil (nextOil) and fertiliser (nextGrow). The proceeds of the round are intended to accelerate production, support the company’s expansion and fund the construction of a second large‑scale production facility in Tunisia, expected to produce up to 12,000 tonnes of insect‑based ingredients annually for the aquaculture, livestock and pet‑food sectors. Hogan Lovells represented British International Investment plc with a team composed by: partner Sharon Lewis (Lead Partner for Future of Finance and Co‑Chair of the Digital Assets & Blockchain), counsel Reza Mulligan, with support from Ashali Herai and Rebecca Litvack.

Hogan Lovells Advises British International Investment on Subordinated Notes Issue for nextProtein

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