Agritech startup FarmInsect, which specializes in insect production based in Munich, today closed an oversubscribed Series A financing round of 8 million euros was announced.
The round was led by ClimateTech venture capital firm Sandwater, based in Oslo, with the participation of the growth fund managed by Bayern Kapital, des Strategic Impact Fund of the Minderoo Foundation and the EIC Fund of the European Innovation Council listed. Other participants were the previous investors HTGF and UnternehmerTUM Funding for Innovators.
Thomas Kuehn, founder and CEO of FarmInsect, is pleased about the additional funds and the external support Confirmation of the potential of his company. “We are very grateful for the trust that ours Investors approach us. Together we will pursue our ambitious goal of keeping insects in to make the EU the preferred source of protein over soy and fishmeal. In the next step we want intensify our research and development work in order to significantly improve the current breeding lines expand and improve.”
Munich-based FarmInsect GmbH has a modular complete solution for the Decentralized production of insects as sustainable feed developed.
Insects are a more sustainable and lower carbon source of protein an alternative to conventional animal feed, which also allows circular use locally the resulting residues and at the same time the deforestation of forests and Overfishing of the seas reduced through soy cultivation and fishmeal production.
Morten E. Iversen, partner at Sandwater, explains: “We have the economic and ecological The potential of insects was recognized some time ago. However, the previous ones have us Business models that require significant investments and are difficult to scale leave, causes stomach pain. What we were missing was one that was commercially available and at low cost Investment related solution suitable for high production volumes. Exactly these FarmInsect offers the solution. We are absolutely convinced that the company founders are able to “To scale FarmInsect and accelerate the transition away from carbon-intensive protein feed.”
The newly acquired chapter serves the commercial scaling and further development of the Insect breeding solutions from FarmInsect.
FarmInsect provides farmers with a way to create insect larvae using local organic residues. The farm animals can then be fed the insect larvae as protein feed rather than the imported soy or fishmeal.
FarmInsect offers a device and Internet of Things system that enables automated insect production along with a constant supply of young larvae for fattening.