Germany-based startup, FarmInsect, which is related to animal agriculture and insects has announced on 18th June, 2020, that it has raised up a six-figure in a seed funding round. The company intends to utilize the funds to set up its first pilot plant at one of the largest aquaculture farms in Bavaria andaccelerate its mission.
FarmInsect is an agritech startup based in Munich. It was established in the year 2019. The start-up works on the solution for farmers to produce insect larvae from regional residues. Presently fish and soy meal are the most significant protein feeds in the animal meat industry, but around 90% must be imported from outside Europe. This makes the animal farmers dependent on the world feed prices, which is doubled in the past 10 years.
Insects have been permitted in the EU since 2017 as feed for farm animals, implying that the real regional circular economy is possible for the production of protein feed within the EU. The start-up claims that its solution can allow the farmers to become independent in the world market by saving up to 20% of the feed costs.
It’s also worth mentioning that when using regional residues as feed, complete traceability is a challenge. For this reason, the startup has also developed an IT platform that relieves the farmer of this process. The IT platform is connected to a variety of sensors and guides the farmer through the entire insect production process. FarmInsect offers farmers an automated machine system for insect production. Farmers, therefore, do not need any previous knowledge of insect rearing.
Thomas Kuhn, founder of FarmInsect said, “Every year, billions of tons of food and crop residues are discarded in the EU. We want to tap this potential.”
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