Recently, food technology company FlyFeed announced a US$3 million seed round financing to launch its first insect farm in Vietnam to produce low-cost, high-nutrition protein for human consumption.
The company said the company was allowed to use organic waste as feed and provided land for its first factory. Operations will begin with the production of insect protein and fat by the Black Soldier Fly (BSF) for animal feed and pet food, and in the future for human food. The company aims to own more than 10 farms in Vietnam, India and Africa by 2026. The company aims to compete with giants like Ynsectt and Protix.
Insects are considered as sources of protein and users of organic waste. In the first phase of the project, they will be used to produce fertilizers and animal feed. The startup plans to launch an edible protein powder within five years.
The company is less than a year old and is targeting 3 billion people facing food insecurity due to climate and global financial changes. The production process uses organic leftovers as food for black soldier fly (BSF) insects, which greatly reduces the final price of making proteins. As a bonus, it also helps reduce local food waste problems.
The first plant is expected to produce more than 175,000 tons of insect products annually, including insect fat, protein powder and fertilizers, and collect and process more than 400,000 tons of organic leftovers for free through cooperation with local authorities.
The company is also committed to processing up to 40,000 tons of organic waste annually, which will come from fruits, vegetables, coffee and cereals. By doing so, they will add about 200 new jobs in the area.
"The $5 billion investment in agricultural technology in 2021 shows that fragile global food chains rely on exhausted natural resources, face new challenges and need to be changed. In this case, insect protein is an effective solution to convert inedible resources into nutritious proteins. With the support of laboratory testing and approval of local authorities, by 2026, we will open 10 farms in Asia and Africa to contribute to the global food shortage crisis," said Arseniy Olkhovskiy, CEO and Founder of FlyFeed.
