October 25, 2023

Munich, Germany-based sustainable animal feed producer FarmInsect has closed an oversubscribed series A funding round, amassing EUR 8 million in investments, Silicon Canals reported.

With these newly acquired funds, FarmInsect intends to bolster its commercial scaling efforts for insect farming and allocate resources for further research and development to enhance its innovative technology.

The funding round was spearheaded by Sandwater, based in Oslo, with contributions from Bayern Kapital's Growth Fund, the Minderoo Foundation's Strategic Impact Fund, and the European Innovation Council Fund. Existing investors HTGF and UnternehmerTUM Funding for Innovators also participated in this round.

FarmInsect offers sustainable alternative protein source for animal feed through the use of black soldier fly larvae.

Thomas Kuehn, founder and chief executive officer of FarmInsect, said that the company plans to intensify its R&D activities to expand and further improve its current breeding lines.

The company specialises in nourishing seed larvae with regional waste materials, such as peels or harvest residues, and regularly dispatches shipments to its customers. The larvae grow over 250 times their body weight within a week.

This circular system produces high-quality, protein-rich feed directly on the farm at a lower cost, with reduced CO2 emissions, and without dependence on global supply chains. As a result, FarmInsect empowers farmers to achieve feed cost savings of up to 30%. The entire process is meticulously monitored through a proprietary software platform that guides customers through each production step.

-      Silicon Canals