Fly farming company gets $105 million funding

7 Jun 2018

Fly-farmer and waste-to-nutrient company AgriProtein, named as one of the UK’s 10 most disruptive businesses, has raised a further $105 million in funding.

Fly farming company gets $105 million funding

Fly-farmer and waste-to-nutrient company AgriProtein, named as one of the UK’s 10 most disruptive businesses, has raised a further $105 million in funding, marking, it says, a new high in investor appetite for the insect protein sector.

The record raise, together with additional local project finance for a series of factory builds in Africa, the Middle East and Asia, puts AgriProtein on track to deliver its ambitious factory roll-out plans, the company believes.

Jason Drew, AgriProtein co-founder and CEO, said: “This is a significant vote of confidence in a growth industry producing a sustainable protein for use in animal diets. It reaffirms our position as the leading up-cycler of waste-to-protein and brings us the financial resources for further global expansion.”

The company, which won acclaim as the BBC Food Chain Global Champion 2017, is building a global business through its circular economy strategy: up-cycling organic waste to tackle the food security and waste disposal challenges posed by the world’s burgeoning population, while helping conserve wild-fish stocks in our threatened oceans.

AgriProtein uses black soldier flies and their larvae to convert organic food waste into a high-protein alternative to fishmeal suitable for fish, poultry, pigs and pet food.

“We need to see waste differently – as a resource – particularly food waste,” said Drew. “A growing population, scarce water and land resources, and declining natural fish stocks make this more critical than ever.”

AgriProtein has fly farm projects under development across the world to produce its flagship product MagMeal.

The company has expanded its R&D capability, hiring new staff and building chemistry and genetics labs. It has also hired senior staff from engineering and waste management backgrounds to increase its project roll-out capacity.

The company is focusing initially on the aquafeed market, where it says demand is increasing year on year to satisfy growing consumer appetites for farmed fish.

Worth over $114 billion in 2017, aquafeed is predicted to grow by a factor of 2.5 in just eight years to nearly $290 billion in 2026.

“There is simply not enough marine material left in the oceans to meet fishmeal demand in aquafeed, let alone in feed for poultry, pigs and pets,” said Drew. “Along with algae and bacteria, new, disruptive sources of protein like our own are needed to close the feed gap and, in the process, help repair the future of the planet.”

Related categories

Related news

IFF establishes collaboration agreement with Aryballe

IFF establishes collaboration agreement with Aryballe

10 Jan 2019

International Flavors & Fragrances (IFF) has established an industry-exclusive collaboration with digital olfaction technology company Aryballe, based in Grenoble, France.

Read more 
Chobani enters plant-based market

Chobani enters plant-based market

10 Jan 2019

Chobani has launched the company's first-ever plant-based recipe Non-Dairy Chobani. Starting this month, Chobani is rolling out nine new Non-Dairy Chobani cultured organic coconut products that will be available throughout the USA.

Read more 
Firmenich: hibiscus will be the flavour of 2019

Firmenich: hibiscus will be the flavour of 2019

4 Jan 2019

Firmenich has announced hibiscus as “Flavour of the Year” for 2019 based on the growing appeal of florals in food and drink, and the trend towards curiosity in consumption.

Read more 
StePac develops blueberry packaging

StePac develops blueberry packaging

2 Jan 2019

StePac has developed customized, proprietary, polyamide-based packaging technology for ensuring long-lasting freshness in bulk deliveries of blueberries to distant destinations.

Read more 
Herza launches chocolate couverture pieces

Herza launches chocolate couverture pieces

21 Dec 2018

Herza is launching small chocolate couverture pieces made from specific fine organic cocoa varieties. These, it says, will enable manufacturers of sweets and bakery products, ice cream or cereals to benefit from the 'adventurous consumer' trend.

Read more 
DuPont study: hope for overweight consumers

DuPont study: hope for overweight consumers

20 Dec 2018

Read more 
Ingredion investment in plant protein reaches $140 million

Ingredion investment in plant protein reaches $140 million

19 Dec 2018

Ingredion has announced several steps to accelerate production of plant-based proteins globally. The combined $140 million of strategic investments will, it says, further position the company with an expanded, broad range of plant-based protein soluti...

Read more 
Mintel identifies three trends for 2019

Mintel identifies three trends for 2019

15 Nov 2018

Mintel has announced three forward-looking trends which it believes will lead the momentum of global food and drink innovation in 2019 and beyond.

Read more 
Mondelēz creates snacking innovation hub

Mondelēz creates snacking innovation hub

8 Nov 2018

Mondelēz International has announced that it will launch what it describes as a forward-thinking innovation hub called SnackFutures to capitalize on changing consumer trends.

Read more 
Arla introduces new protein shot concept

Arla introduces new protein shot concept

6 Nov 2018

A new concept from Arla Foods Ingredients will, the company claims, offer manufacturers the opportunity to create the first protein shot made exclusively with whey as a protein source.

Read more