ImpactAlpha, September 4 – The British Columbia-based insect farming business raised an undisclosed amount of funding from Hong Kong-based ADM Capital and an unnamed Canadian investor. Prior investors PHW Gruppe from Germany, Wheatsheaf Group and Avrio Capital also participated.
Enterra raises insects for animal feed—namely for fish and poultry farms. The company raised a $10 million Series A funding round in 2014. With the new capital, it intends to open three new insect facilities in Canada and the U.S. and multiply its production capacity of black soldier flied 90-times over, AgFunderNews reports.
“We have huge demand from our markets meaning we’re sold out most of the time so looking to expand quite rapidly as our space is emerging at a pretty quick pace,” Enterra’s Victoria Leung said. “Insects fit really nicely as substitutes [to alternative feeds, like fishmeal] with their high digestibility and sustainable production which can be ramped up.”
Insect farming companies like Enterra, Protix and AgriProtein have drawn hundreds of millions of dollars from investors to address demand for sustainable and rapidly made animal feed, particularly as global demand for protein rises.