Key Takeaways
- FarmInsect has raised €8 million in a Series A financing round led by Sandwater, Bayern Kapital, Minderoo Foundation, and the EIC Fund.
- The startup aims to replace conventional animal feeds like soy and fishmeal with protein-rich feed made from insect larvae.
- FarmInsect's technology allows farmers to produce this alternative feed directly on their farms, reducing costs and CO2 emissions.
- The fresh capital will expand sales activities and increase production capacity.
- FarmInsect was inspired by the EU's 2017 approval of insects as feed for livestock and aims to replace soy and fishmeal in the EU fully.
FarmInsect, a Munich-based agtech startup, has successfully raised €8 million in a Series A financing round. The round was led by Sandwater and included participation from Bayern Kapital, Minderoo Foundation, and the EIC Fund. The company specializes in an automated system that enables farmers to produce protein-rich animal feed from insect larvae, offering a sustainable alternative to conventional feeds like soy and fishmeal.
Sustainable Animal Feed
FarmInsect's technology focuses on the larvae of the black soldier fly, which are bred at the company's production site. These larvae can be fattened up by farmers using regional side streams, such as peels or harvest residues. This “circular economy” system produces high-quality protein feed and generates compost as a by-product. The approach aims to reduce the environmental impact of conventional animal feed, which often involves deforestation and overfishing.
Use of Funds
The fresh capital will be used to expand FarmInsect's sales activities and to maximize the production capacity at its current facility for young larvae. “We are very grateful for the trust that our investors have placed in us,” said Thomas Kuehn, Founder and CEO of FarmInsect. The company plans to intensify its R&D activities and open an additional production facility.
A Step Towards Sustainability
FarmInsect was founded in 2019 by Wolfgang Westermeier and Thomas Kuehn to make agricultural animal feed production more sustainable. The startup allows agricultural companies to save up to 30% of feed costs and significantly reduce their CO2 emissions. Each step in the feed production process is monitored by an interactive IT platform that guides farmers.
Image provided by FarmInsect
