Agritech startup FarmInsect closes a six-figure seed financing round
Wednesday, June 24, 2020
Germany-based startup FarmInsect completed a round of financing in the mid-six-figure range to set up the first pilot plant at one of the largest aquaculture companies in Bavaria. The startup enables farmers to produce their own protein feed from regional residues with the help of insects. FarmInsect specializes in black soldier fly which larva can process a very wide range of feeds and is therefore ideal for the sustainable utilization of regional residues.
The startup has developed an IT platform that is connected to a large number of sensors and guides the farmer through the entire insect production process. The company offers farmers an automated machine system for insect production, therefore, farmers do not need any previous knowledge of insect breeding.
It takes about a week for a batch of fly larvae to mature. The larvae can then be fed directly to farm animals or dried for storage. In addition to the larvae, the process also produces high-quality compost, which helps farmers to improve their soil quality.
“Every year billions of tons of food and crop residues accumulate in the EU that have so far not been used sensibly. We want to tap this potential,” explained FarmInsect founder, Thomas Kühn.
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