Hexafly wants to make a dent in the growing fly-feed market.
The County Meath-based (just north of Dublin) company has just closed a €1.1m funding round and is now seeking EUR 20m to help build a larger production facility to fuel expansion, according to independent.ie.
In a call to SalmonBusiness, Hexafly chief executive Alvan Hunt confirmed that he was seeking the EUR 20m sum.
The co-founders have developed technology to breed black soldier flies on an industrial scale to convert waste into a food source. This can be used for insect oil
for the aquaculture fish feed market. It has raised EUR 2.2m to date, which includes EUR 900 thousand in angel funding from Halo Business Angel Network (HBAN), Enterprise Ireland and SOS Ventures.
“Our goal is to educate people about the benefits of insect-derived protein, how sustainable it is and essentially find smart ways to feed the growing global population,” Hexafly chief executive Alvan Hunt told the publication.
