SARAPHI, THAILAND — Flylab, an agritech startup that produces black soldier fly (BSF)-based ingredients, closed its seed and pre-series A funding rounds, raising $1 million. The company will use the funds to scale its commercial operations.
In the early stages of the startup, ALES Global Investment Partnership III and MSIVC2021V Venture Capital Investment Limited Partnership co-financed Flylab, enabling the startup to build its first pilot plant in northern Thailand. Flylab’s plant features a BSF farm, which produces high-quality insect meal, oil, dried larvae and organic fertilizer in a sustainable way.
According to Flylab, BSF meal is becoming an affordable protein alternative to standard proteins used in animal nutrition. Because of rising protein costs, the startup has received significant demand from the aquaculture and pet food industries with contracts for full production. Flylab is currently contracted out for the next three years.
The seed and pre-series A funding rounds were led by Sanyo Trading.
Following the success of its funding rounds, Flylab hopes to raise $15 million for its series A funding round, which will enable the startup to construct its first industrial-scale plant in Bangkok in 2023. The facility will produce more than 6,000 tonnes of insect-based ingredients for use in animal nutrition.
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