Harvesting flies for protein: Hexafly secures another €1.1 million to feed fish and livestock
By Mary Loritz, EU-Startups
February 4, 2019
Revolutionising food for plants and livestock, Hexafly is one of the latest agtech statups harvesting insects. Based in Meath, Ireland, this agritech company is farming insects to feed fish, fertilise plants, and enhance medicines and food with its proteins. The startup has just raised a €1.1 million seed round, after closing a round of €1.1 million in February 2018, bringing the total raised by the company to €3.5 million.
Hexafly was established in 2016 by Alvan Hunt and John Lynam in response to the growing issue of global food shortages. The founders developed a method of sustainable insect farming that converts low value waste streams – namely, black soldier flies – into high-value feeds, fertilizers and bioplastics. Hexafly supplies these insect-derived products to a range of companies in the aqua and animal feed, medical, cosmetic, food and plant nutrition industries.
“Before we set up Hexafly, John and I knew that we wanted to start a company that would tackle a global issue, while being sustainable,” said Alvan Hunt, CEO and co-founder of Hexafly. “We are proud to say that Hexafly is a zero-waste operation – we take in low value waste streams and convert them to insect-derived oil, protein powder, fertilizer and a high-value bio-polymer called chitin for use in various industries.
“Insect-derived protein produces significantly more protein per square metre when compared to soymeal, it is 100% natural and leads to up to a 90% reduction CO˛ emissions when compared to other protein feed ingredients. Moreover, the animals that eat this insect-derived protein are actually healthier as no additives or chemicals are used in the products. Our goal is to educate people about the benefits of insect-derived protein, how sustainable it is and essentially find smart ways to feed the growing global population.”
The investment includes €900k in angel funding...