ImpactAlpha, June 4 – AgriProtein, a Cape Town, South Africa-based company that uses insects to make animal feed, plans to use the money from the recent funding round to build new factories in Africa, Asia and the Middle East.
The company raises black soldier flies and their larvae to break down food waste, and then coverts the insects into high-protein animal feed for fish, poultry, pigs and pets.
The company’s early growth is particularly focused on the aquafeed market for fish farms.
Founder Jason Drew says the company is positioned to fill a potential gap in available animal feed. It is one of a number of startups harvesting insects to improve animal feed sustainability. “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.”
- Grant funding… The company was launched in 2008 with grant funding from the Gates Foundation.
- Total raised… AgriProtein has since raised more than $120 million, with is most recent investment before this round being a $17.5 million equity round in December 2016. AgriProtein has not disclosed the names of its investors.