The AgriTech startup FarmInsect closes a six-figure seed financing round

FarmInsect wants to revolutionize agriculture with insects. The startup enables farmers to produce their own protein feed from regional residues with the help of insects. This saves farmers the import of soy and fish meal and makes them independent of the world market. Regional circular economy means that resources are used more efficiently and CO2 and costs are saved. 

Six species of insect have been authorized as animal feed in the EU since 2017. FarmInsect specializes in the Black Soldier Fly. The larva of the black soldier fly can process a very wide range of feeds and is therefore ideal for the sustainable utilization of regional residues. 

The start-up enables a regional and secure supply of agriculture through circular economy, which is independent of global supply shortages. FarmInsect is in line with the EU's goals of becoming more independent of food imports and promoting the circular economy *. 

Prof. Windisch from the Chair of Animal Nutrition at the Technical University of Munich shares this view: “The circular economy of agricultural biomass is the key to environmentally friendly and resource-efficient agriculture. Insects in particular help us to close regional cycles that would be difficult to reach with conventional farm animals. Insects produce high-quality protein for use as animal feed and food. " 

The use of crop residues and regional remains of food production is a key component. When using regional residues as feed, complete traceability is a particular challenge. The startup has developed an IT platform that relieves the farmer of this process.

“Every year billions of tons of food and crop residues accumulate in the EU that have so far not been used sensibly. We want to tap this potential ", explains FarmInsect founder Thomas Kühn. 

The IT platform is connected to a large number of sensors and guides the farmer through the entire insect production process. FarmInsect offers farmers an automated machine system for insect production. Farmers therefore do not need any previous knowledge of insect breeding. 

It takes about a week for a batch of fly larvae to mature. The larvae can then be fed directly to farm animals or dried for storage. In addition to the larvae, the process also produces high-quality compost, which helps farmers to improve their soil quality. 

A completely sustainable and profitable business. The three business angels, who help the startup with a seed financing round, also found this to be the start of commercialization. Overall, the startup was able to complete a round of financing in the mid six-figure range. With the capital raised, the startup would like to set up the first pilot plant at one of the largest aquaculture companies in Bavaria.

 

 

*Sources:
https://ec.europa.eu/commission/presscorner/detail/de/IP_20_420
https://cordis.europa.eu/programme/id/H2020_LC-SFS-17-2019

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