The global insect farming business, AgriProtein, has secured $17.5 million (£14m) to fund a production expansion into Europe, North & South America and Asia.
The company says its new investment values the business at over $117m, making it the most valuable insect-farming operation in the world.
“The funding enables us to meet growing demand from animal feed suppliers for a natural and cost-effective alternative to fishmeal, widely used in the poultry and fish farming industries,” said AgriProtein’s co-founder. Jason Drew.
“Our fly larvae product is already enjoyed by our consumers, namely millions of chickens and fish around the world, for whom this is a natural source of protein.
“The new money also demonstrates a growing appetite for insect-farming in the global investment community, helping us pursue our mission to find a better way to feed the world.”
AgriProtein produces a “high-protein feed” made from dried, milled and de-fatted larvae produced by Black Soldier Flies, fed on existing organic waste derived from municipal and other industrial waste partners. The company uses 8.5 billion flies in its production process to recycle 250 tonnes of waste a day, boosting larvae production to 50 tonnes per day.