London, 29 November 2016
WASTE-TO-PROTEIN producer AgriProtein today (Tuesday 29 November) announced it has secured USD 17.5 million of further capital from key strategic partners to fund expansion into Europe, North America and Asia.
The new investment values the company at over USD 117 million – making it the most valuable fly-farming business in the world.
The funding enables AgriProtein to meet growing demand from animal feed suppliers for a natural and cost-effective alternative to fishmeal, widely used in the poultry and fish farming industries.
Said co-founder Jason Drew:
“Our fly larvae product is already enjoyed by our consumers – the millions of happy chickens and fish around the world – for whom it’s a natural source of protein.
“The new funding demonstrates a growing appetite for fly-farming in the global investment community, helping us pursue our mission to find a better way to feed the world.”
On the world’s largest farm by headcount, AgriProtein produces and licenses MagMeal™ a high-protein feed made from dried, milled and de-fatted larvae produced by Black Soldier Flies (Hermetia illucens) fed on existing organic waste derived from municipal and other industrial waste partners.
Using its army of 8.5 billion flies, the new expanded factory, to be commissioned in early 2018, will then enable AgriProtein to recycle 250 tonnes of waste per day, boosting larvae production to 50 tonnes per day.