FlyFeed, a Tallinn, Estonia-based insect farming startup, raised $3M in Seed funding.
The backers were not disclosed.
The company intends to use the funds to establish operations, further develop technological solutions and construct the first industrial-sized farm in Vietnam in 2023, producing affordable proteins, oils, and fertilizers from insects.
Led by CEO Arseniy Olkhovskiy, FlyFeed is an insect farming startup that produces insect protein, fat and fertilizers from black soldier flies for animal feed and pet food and, in the future, for human food.
Launched in November 2021, the company will construct its first farm in 2023 in Vietnam and is slated to have 10+ farms in Vietnam, India, and Africa by 2026. One farm is expected to produce 17.5+ thousand tonnes of insect products, including insect proteins, fats and fertilizers by processing 40K tonnes of organic waste.
The startup has signed $10M+ of pre-contracts with top-tier European feed producers.
FinSMEs
10/10/2022