The startup has signed $10M+ of pre-contracts and launches the first insect farm in Vietnam to produce low-cost protein for more than 3 billion people.
October 7, Tallinn, Estonia — FlyFeed, an international insect farming startup, raised $3M in a seed round from angel investors. The funding will be used 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,
Founded in November 2021, FlyFeed has already signed over $10 million in pre-contracts with top-tier European feed producers. The startup targets 3 billion people likely to face food insecurity due to the current recession and geopolitical climate. Production processes use organic leftovers as insect feed, reducing the final price of manufactured protein and helping local governments solve food waste issues. The Vietnamese government is supportive of FlyFeed, allowing the startup to utilize organic waste as feed and providing land for the first factory.
“$5 billion invested in AgTech in 2021 shows that the fragile global food chain, relying on exhaustible natural resources, faces new challenges and needs a change. In this case, insect proteins are an effective solution that can transform inedible resources into nutritious proteins. Supported by laboratory tests and approved by local authorities, we will open 10 farms in Asia and Africa by 2026 and contribute to solving the global food shortage crisis,” says Arseniy Olkhovskiy, CEO and Founder of FlyFeed.
FlyFeed invited a team of over 35 experts, including Dr. Nathalie Berezina, ex-CTO/CSO Ynsect; Dr. Jurek Pastuszak, nutrition expert; and Dmitriy Mikhailov, associate professor at the National University of Singapore. The company also partners with world-leading engineering teams like Christof Global Impact.
Operations will commence with the production of insect protein and fat from black soldier flies (BSF) for animal feed and pet food. The company follows strict EU standards and safety measures during each stage of production. Future plans include producing insect flour for human food by 2027. The first farm in Vietnam will produce 17.5+ thousand tonnes of insect products per year, including insect fat, protein flour and fertilizers and process 40+ thousand tonnes of organic leftovers for BSF feed, gathered and processed for free by a partnership with local authorities. Vietnamese authorities support FlyFeed with land for building the factory, and the company is committed to processing up to 40 thousand tonnes of organic waste a year (e.g., fruits, vegetables, coffee and grain), and will add 200 new jobs in the region.
“Our farm enables the whole process of black soldier fly production: from the cultivation of larvae and its reproduction in hundreds of insectariums to grinding, extrusion and mixing. The farm will be equipped with leading tech solutions like smart data harvesting for farm operations and BSF life cycles, computer vision to monitor BSF larvae development and smart temperature control. This approach corresponds to the implementation of the 2nd generation of insect technologies applied to the industrial processes of insects’ production” says Dr. Nathalie Berezina, Chief Technology Officer, Ph.D. in Organic Chemistry and Biotechnology.
The global protein market for animal feed is expected to reach €437 billions by 2030 However, regulations limit usual sources of protein for agriculture like soy and fishmeal, which also depend on weather conditions, geopolitical situations and logistic issues. The company estimates at least $107 billion as the potential annual global market size of insect protein for populations without a healthy diet.
About FlyFeed
FlyFeed is an international 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.