The global protein market for animal feed is expected to reach €437 billion by 2030. However, regulations limit usual sources of protein for agriculture like soy and fishmeal, which also depend on weather conditions, geopolitical situations, and logistic issues. At least $107 billion is estimated as the potential annual global market size of insect protein for populations without a healthy diet.
Raises $3M seed funding
Estonian international insect farming startup, FlyFeed, has scored $3 million in a seed round from angel investors. The funding will be used to establish operations, further develop technological solutions and construct the first industrial-sized farm in Vietnam in 2023, producing affordable proteins, oils, and fertilizers from insects.
The Vietnamese government is supportive of FlyFeed, allowing the startup to utilise organic waste as feed and providing land for the first factory. The company is slated to have over 10 farms in Vietnam, India, and Africa by 2026.
“$5 billion 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 10 farms in Asia and Africa by 2026 and contribute to solving the global food shortage crisis,” said Arseniy Olkhovskiy, CEO and Founder of FlyFeed.
“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. 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 insects’ production” said Dr. Nathalie Berezina, Chief Technology Officer, Ph.D. in Organic Chemistry and Biotechnology.
Eco-friendly protein to feed the world
FlyFeed was founded in 2021 by Arseniy Olkhovskiy in Tallinn. It is an international insect farming startup that produces insect protein, fat, and fertilisers from black soldier flies for animal feed and pet food and, in the future, for human food.
It develops a unique set of recipes from local organic ingredients to feed insects with food waste. Rich in high-quality protein and fats, insects grow up to 100 times faster compared to traditional animal protein and fat sources. Black Soldier Fly (BSF) reproduces fast, spreads no infections, and eats nearly everything.
FlyFeed has already signed over $10 million in pre-contracts with top-tier European feed producers. The startup targets 3 billion people likely to face food insecurity due to the current recession and geopolitical climate. Production processes use organic leftovers as insect feed, reducing the final price of manufactured protein and helping local governments solve food waste issues.
