Beta Bugs Ltd., a Scottish biotech company, has secured £1.72 million in funding. The round was led by The TRICAPITAL Syndicate LLP, with participation from SIS Ventures, Scottish Enterprise, Beeches Group, Climate.vc, together with existing shareholders in the business and InnovateUK.
Beta Bugs intends to direct the funding to scale up their production and supply of their Black Soldier Fly eggs and larvae. Who is buying Black Soldier Fly eggs and larvae you may ask? Insects, like these Black Soldier Flies make an excellent sustainable protein source for animal feed. Also, the investment will allow the company to expand its production capacity, drive to profitability over the next 18 to 24 months, and strengthen its market leadership position in the insect farming industry.
The company was founded in 2017 and developed the UK’s first comprehensive selective breeding programme for these flies. The company has employed complex genetics and selective breeding to optimise the insect for large-scale production.
Black Soldier Fly farming provides a green, circular, and regionally produced alternative to the environmentally damaging production of soy meal and fishmeal, one of the prime causes of deforestation, biodiversity loss, and overfishing.
While genetics and breeding are crucial to achieving high quality protein in sustainable ways, the company is focused on building an overall sustainable supply chain. Rather than create competition, the company leaves the large-scale production to producers. By keeping their focus on what they do best – genetics – innovation is never left behind. They supply the producers with top quality Black Soldier Fly eggs and larvae and the producers optimise production. This approach allows each section of the supply chain to specialise and further progress.
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