News
Fly farming company gets $105 million funding
7 Jun 2018Fly-farmer and waste-to-nutrient company AgriProtein, named as one of the UK’s 10 most disruptive businesses, has raised a further $105 million in funding.
![Fly farming company gets $105 million funding](/img/ingnet-logo.png)
Fly-farmer and waste-to-nutrient company AgriProtein, named as one of the UK’s 10 most disruptive businesses, has raised a further $105 million in funding, marking, it says, a new high in investor appetite for the insect protein sector.
The record raise, together with additional local project finance for a series of factory builds in Africa, the Middle East and Asia, puts AgriProtein on track to deliver its ambitious factory roll-out plans, the company believes.Jason Drew, AgriProtein co-founder and CEO, said: “This is a significant vote of confidence in a growth industry producing a sustainable protein for use in animal diets. It reaffirms our position as the leading up-cycler of waste-to-protein and brings us the financial resources for further global expansion.”The company, which won acclaim as the BBC Food Chain Global Champion 2017, is building a global business through its circular economy strategy: up-cycling organic waste to tackle the food security and waste disposal challenges posed by the world’s burgeoning population, while helping conserve wild-fish stocks in our threatened oceans.AgriProtein uses black soldier flies and their larvae to convert organic food waste into a high-protein alternative to fishmeal suitable for fish, poultry, pigs and pet food. “We need to see waste differently – as a resource – particularly food waste,” said Drew. “A growing population, scarce water and land resources, and declining natural fish stocks make this more critical than ever.”AgriProtein has fly farm projects under development across the world to produce its flagship product MagMeal.The company has expanded its R&D capability, hiring new staff and building chemistry and genetics labs. It has also hired senior staff from engineering and waste management backgrounds to increase its project roll-out capacity.The company is focusing initially on the aquafeed market, where it says demand is increasing year on year to satisfy growing consumer appetites for farmed fish.Worth over $114 billion in 2017, aquafeed is predicted to grow by a factor of 2.5 in just eight years to nearly $290 billion in 2026.“There is simply not enough marine material left in the oceans to meet fishmeal demand in aquafeed, let alone in feed for poultry, pigs and pets,” said Drew. “Along with algae and bacteria, new, disruptive sources of protein like our own are needed to close the feed gap and, in the process, help repair the future of the planet.”Related news
![Nestlé launches GLP-1 Nutrition initiative](/47/pdcnewsitem/12/48/15/th124815.png)
Nestlé launches GLP-1 Nutrition initiative
4 Jul 2024
Nestlé Health Science has introduced GLP-1 Nutrition, an initiative to support consumers during their weight loss efforts, building on the recent launch of its Vital Pursuit product range. “Nutrition, science, and wellness must merge – not collide,” it...
Read more![Fibre-filled bread leads health-conscious baked buys in Asia](/47/pdcnewsitem/12/46/45/th124645.png)
Fibre-filled bread leads health-conscious baked buys in Asia
17 Jun 2024
Value revolves around better-for-you bakery claims and nutritious seed-rich loaves as consumers seek less sugar and more fibre from their baked goods, according to Mintel.
Read more![Roquette to acquire IFF Pharma Solutions in $2.85bn deal](/47/pdcnewsitem/12/46/72/th124672.png)
Roquette to acquire IFF Pharma Solutions in $2.85bn deal
14 Jun 2024
Roquette's acquisition of IFF Pharma Solutions, which makes excipients, flavours, and functional ingredients, will strengthen its position in the health and nutrition markets, it says.
Read more![Consumers dislike faba beans’ sensory profile](/47/pdcnewsitem/12/45/47/th124547.png)
Consumers dislike faba beans’ sensory profile
3 Jun 2024
Consumers display low acceptance of faba beans, with sensory properties such as bitterness a core concern, a study suggests. However, for product varieties such as cocoa-free chocolate, this attribute could prove to be a benefit.
Read more![Food scientists uncover new way to preserve nutrient and flavour quality](/47/pdcnewsitem/12/45/35/th124535.png)
Food scientists uncover new way to preserve nutrient and flavour quality
29 May 2024
Researchers have developed a method that guarantees food safety for low-moisture products, such as dried milk, while maximising quality by retaining vitamins, minerals, and flavours, they say.
Read more![Functional snacks tailored to meet the nutritional needs of children](/47/pdcnewsitem/12/44/38/th124438.png)
Functional snacks tailored to meet the nutritional needs of children
22 May 2024
Ready, a US-based active nutrition brand has launched its latest product, Clean Kids whole grain protein bars, which it claims are tailored to meet the nutritional needs of active children.
Read more![Mental health crisis presents challenges and opportunities for US supplement industry](/47/pdcnewsitem/12/44/36/th124436.png)
Mental health crisis presents challenges and opportunities for US supplement industry
20 May 2024
Growing numbers of Americans are experiencing mental health problems and supplements can help relieve people from the symptoms of anxiety, depression and insomnia. Nutrition Business Journal's Mood and Mental Health Report explores the macro trends dri...
Read more![Mintel’s most innovative food and drink of 2024: Part II – Bakery, dairy, ready meals, and more](/47/pdcnewsitem/12/44/31/th124431.png)
Mintel’s most innovative food and drink of 2024: Part II – Bakery, dairy, ready meals, and more
16 May 2024
The Mintel Most Innovative Food and Drink 2024 showcase features eleven novel products that stand out as particularly disruptive and compelling. In part II of this roundup, we explore the most innovative bakery, dairy, meals and meal components, pet fo...
Read more![Mintel’s most innovative food and drink of 2024: Part I – Snacks and beverages](/47/pdcnewsitem/12/44/30/th124430.png)
Mintel’s most innovative food and drink of 2024: Part I – Snacks and beverages
15 May 2024
Despite stalled new product development and a challenging market for food and drinks brands, many creative and disruptive new products have hit the shelves around the world. Mintel analysts have picked the most innovative snacks and beverages.
Read more![Which ingredients are most effective to improve sleep?](/47/pdcnewsitem/12/42/43/th124243.png)
Which ingredients are most effective to improve sleep?
6 May 2024
Stress and anxiety are increasingly impacting people’s sleep quality, which is creating opportunities for new product development. From gingko biloba to vitamin B, Ingredients Network looks at which science-backed nutrients and botanicals are most like...
Read more