Hexafly farms black soldier flies to produce insect-derived oil, protein powder, fertilizer and a high-value chitin biopolymer for use in aqua and animal feed, plant nutrition, medical, cosmetic and food industries. Founded in 2016 and based in Meath, Ireland, it operates a zero-waste process that converts low-value waste streams into high-value products and claims up to a 90% reduction in CO2 versus other protein feed ingredients. The company says insect-derived protein yields significantly more protein per square metre than soymeal and that animals fed its products are healthier because no additives or chemicals are used. More than 90% of its insect-based products are exported, with growing demand in the Far East and the US. Hexafly has raised a total of €3.5M to date, including a recent €1.1M seed round and a prior €1.1M round in February 2018. Management plans to expand to a larger production facility, create 50 new jobs over the next two years, broaden international reach across Europe, the US and Asia, and pursue a €10M Series A in 2019 to finance a much larger plant.

Total raised

$1M

Funding rounds

1

Latest round

Seed

Latest activity

Feb 2019