Image credits: FlyFeed
Tallinn-based FlyFeed, an insect farming startup, announced on Friday, October 7, that it has raised $3M (approximately €3M) in a seed round of funding from angel investors.
The Estonian company’s advisory board has over 35 experts, including Dr. Nathalie Berezina (ex-CTO/CSO Ynsect), Dr. Jurek Pastuszak (nutrition expert), and Dmitriy Mikhailov (associate professor at the National University of Singapore).
The company also partners with world-leading engineering teams like Christof Global Impact.
“$5B invested in AgTech in 2021 shows that the fragile global food chain, relying on exhaustible natural resources, faces new challenges and needs a change. In this case, insect proteins are an effective solution that can transform inedible resources into nutritious proteins. Supported by laboratory tests and approved by local authorities, we will open ten farms in Asia and Africa by 2026 and contribute to solving the global food shortage crisis,” says Arseniy Olkhovskiy, CEO and Founder of FlyFeed.
Fund utilisation
FlyFeed says it will use the funds to establish operations, develop technological solutions and construct the first industrial-sized farm in Vietnam in 2023.
The company also reports that the Vietnamese government supports its initiative, allowing the startup to use organic waste as feed and providing land for the first factory. Operations will commence with producing insect protein and fat from black soldier flies (BSF) for animal feed and pet food.
FlyFeed also intends to produce insect flour for human food by 2027.
The first factory is expected to produce 17.5+ thousand tonnes of insect products per year, including insect fat, protein flour, and fertilisers, and process 40+ thousand tonnes of organic leftovers for BSF feed gathered and processed for free through a partnership with local authorities.
The company is also committed to processing up to 40 thousand tonnes of organic waste a year, which will come from fruits, vegetables, coffee, and grain. By doing so, they will add an estimated 200 new jobs in the region.
FlyFeed: What you need to know
A report from Our World Data reveals that around 3B people will likely face food insecurity due to the current recession and geopolitical climate.
Founded by Arseniy Olkhovskiy in 2021, FlyFeed aims to address the problem through insect farming by producing insect protein, fat, and fertilisers from black soldier flies for animal feed and pet food and, in the future, for human food.
The company aims to have 10+ farms in Vietnam, India, and Africa by 2026. The company aims to compete with giants like Ynsect and Protix.
“Our farm enables the whole process of black soldier fly production: from the cultivation of larvae and its reproduction in hundreds of insectariums to grinding, extrusion, and mixing. In addition, the farm will be equipped with leading tech solutions like smart data harvesting for farm operations and BSF life cycles, computer vision to monitor BSF larvae development, and smart temperature control. This approach corresponds to the implementation of the 2nd generation of insect technologies applied to the industrial processes of insect production,” says Dr. Nathalie Berezina, Chief Technology Officer of FlyFeed.
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