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

A sticky issue: delivering superior product stability in sugar confectionery

A sticky issue: delivering superior product stability in sugar confectionery

17 Oct 2018

In today’s competitive confectionery market, manufacturers are challenged to deliver new, exciting flavors that maintain stability. Ardie Lankveld, market manager at Corbion, shares factors for success

Read more 
Is algae oil about to go mainstream?

Is algae oil about to go mainstream?

11 Oct 2018

Algae oil boasts some impressive nutritional, environmental and functional benefits – and several companies appear to be on the verge of broadening its use. The question remains, will food manufacturers (and consumers) buy it?

Read more 
Ingredient innovation could give iced coffee a healthy boost

Ingredient innovation could give iced coffee a healthy boost

3 Oct 2018

Iced coffee is the fastest growing segment of the coffee category, and there is huge potential for ingredients with added health benefits to further drive its growth.

Read more 
Creating better texture in dairy alternatives

Creating better texture in dairy alternatives

26 Sep 2018

The market for dairy alternatives continues to rise, but creating appealing, creamy textures that mimic traditional yoghurt or cheese can be a major stumbling block. For suppliers, this challenge has become fertile ground for innovation.

Read more 
Healthy aging: Spotlight on ingredients for joint health

Healthy aging: Spotlight on ingredients for joint health

19 Sep 2018

Glucosamine and chondroitin are commonly used ingredients for healthy joints, but with increased focus on improved mobility as the population ages, other innovative ingredients are gaining ground.

Read more 
Natural health trend boosts demand for botanical flavours

Natural health trend boosts demand for botanical flavours

19 Sep 2018

Herbs, spices and extracts are gaining in popularity as consumers look for natural, recognisable flavours in their foods and drinks.

Read more 
Artisanal trend fuels ingredient innovation

Artisanal trend fuels ingredient innovation

13 Sep 2018

Craft and artisanal food and drink launches have seen a global CAGR of 28% over the past five years, according to Innova Market Insights, and suppliers are responding with investment in authentic, clean label ingredients.

Read more 
Consumer concern over sugar hits new high

Consumer concern over sugar hits new high

6 Sep 2018

Sugar has replaced price as the top concern for UK consumers when buying food, according to a survey from the nation’s Food Standards Agency. Concern about sugar content is similarly high across Europe, so how should food and beverage companies respond...

Read more 
Mintel: flavour innovation sees popcorn sales rise 32%

Mintel: flavour innovation sees popcorn sales rise 32%

3 Sep 2018

While popcorn has traditionally benefited from a health halo, new research from Mintel reveals that Americans are now embracing flavour innovation, from indulgent to savoury.

Read more 
Harnessing umami for salt reduction

Harnessing umami for salt reduction

30 Aug 2018

Food companies remain under pressure to cut salt from their products, and savoury umami-rich compounds have emerged as promising flavour-boosting alternatives.

Read more