Beta Hatch secures $10m in new funding round
Thursday, August 19, 2021
US mealworm growing company, Beta Hatch, closed a new $10 million funding round, led by Lewis & Clark AgriFood, with support from existing investors Cavallo Ventures and Innova Memphis. The company has secured product interest far exceeding existing capacity, and this latest round of funding will be used to finalize and expand Beta Hatch’s flagship facility in Cashmere, Washington, as the company grows its footprint in rural America.
While black soldier fly is today’s main insect ingredient in the market, mealworms are quickly gaining market share with enhanced nutritional benefits and higher protein concentration. These features, along with the domestic production Beta Hatch is establishing in North America, has drawn interest from a variety of industries, including livestock, poultry, and pet feed, in addition to aquaculture.
Beta Hatch is scaling up operations by using a hub and spoke model. The Cashmere facility will serve as the hub, producing eggs, while growing sites (spokes) will be located in close proximity to sources of feedstock and other key points in the supply chain. This approach means a smaller GHG footprint and new capital investments in rural communities that leverage and revitalize existing infrastructure.
“We are proud to be a part of building the future of farming as a member of the Washington agricultural community,” says Virginia Emery, Founder and CEO, Beta Hatch. “We are excited for our presence in rural America to grow, as we employ and partner with the people in those communities to feed a growing global population.”
Once completed, the Cashmere facility will be the largest mealworm-producing facility in North America. It will house the full production process for growing and distributing mealworms. The company will initially produce several thousand tons of mealworms and frass annually and be able to support a rapid expansion of capacity from this flagship location. Currently, all available mealworm production is under contract for the near future and discussions are underway with several enterprise customers to partner in the construction of new facilities. The company has plans to more than 10 times its production within the next year.
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