Scottish insect genetics company Beta Bugs announced that it has raised €1.46M to scale up the production, sale, and supply of its black soldier fly (BSF) eggs and larvae.
The insect farming sector will use them as a sustainable alternative to current protein sources for animal feed.
The funding round was led by TRICAPITAL Syndicate LLP with participation from SIS Ventures, Scottish Enterprise, Beeches Group, and Climate.vc with other shareholders in business and InnovateUK.
Beta Bugs has developed the UK’s first comprehensive selective breeding program and egg production site for black soldier flies.
The company’s flagship black soldier fly product is dubbed “HiPer-Fly,” bred with a focus on quantity traits to boost produce yield.
Beta Bugs farms this fly species on various waste streams to create an alternative protein source for aquaculture, pork, and poultry feed.
Conventional farming methods have become unsustainable in the long run since they cause biodegradation. With the global population forecast to reach 9.7 billion by 2050, livestock farming will require an additional 539m hectares of land to produce animal feed with conventional farming methods.
Alternative sources for animal feed have earned traction in recent years as soy and fish meal production have left major consequences on the natural biodiversity. One such alternative is insect-derived animal feed, which has become the main focus of the Edinburgh-based Beta Bugs company.
Compared to animal feed from soy and fish, black soldier flies provide a more green, circular, and regionally-produced animal feed.
The successful funding round for Beta Bugs establishes the potential for the insect genetic company to turn insects into a future sustainable alternative protein source for food production.
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