Beta Bugs, an Edinburgh, UK-based insect genetics company, raised £1.72M in funding.
The round was led by The Tricapital Syndicate, with participation from SIS Ventures, Scottish Enterprise, Beeches Group, Climate.vc and existing shareholders.
The company intends to use the funds to scale-up the production, sale and supply of its Black Soldier Fly eggs and larvae to the insect farming sector, as a sustainable alternative to current sources of protein for animal feed.
Established in 2017 by CEO and Founder Thomas Farrugia, Beta Bugs has developed a selective breeding program and egg production site for the Black Soldier Fly, which is farmed as an alternative protein source for use in aquaculture, pork, and poultry feed and can be reared on various waste streams, including agricultural and food waste.
Black Soldier Fly farming provides a green, circular, and regionally produced alternative to the environmentally damaging production of soy meal and fishmeal, one of the prime causes of deforestation, biodiversity loss, and overfishing.
FinSMEs
17/10/2023