Munich-based tech innovator FarmInsect is buzzing with success, having secured an impressive €8 million in Series A funding. Spearheaded by Sandwater, a notable investor in the tech industry, alongside funding support from Bayern Kapital, Minderoo Foundation, and the EIC Fund, this round of investment reflects a bright future for sustainable agricultural practices.
Founded in 2019 by dynamic entrepreneurs Wolfgang Westermeier and Thomas Kuehn, FarmInsect has made it their mission to revolutionize animal feed production. Their innovative solution focuses on local insect breeding, supplying farmers with a sustainable source of feed for chickens, pork, and fish, thus eliminating the need for importing soy and fishmeal.
The heart of their operation revolves around nurturing the young larvae of the black soldier fly, cultivated on-site and delivered directly to agricultural operations. These larvae are then fed with regional byproducts, such as peels or harvest residues, through FarmInsect's automated fattening system. The result is a high-quality protein feed, which can be produced locally, reducing costs, lowering CO2 emissions, and offering independence from global supply chains.
Furthermore, FarmInsect's eco-conscious approach generates compost as a by-product, which can serve multiple purposes, from fertilizing the farmer's own fields to replacing corn in biogas plants or being sold as premium-quality fertilizer after specialized heat treatment.
Thomas Kuehn, Founder and CEO of FarmInsect, expressed gratitude for the investors' trust in the company's mission. He emphasized the ambitious goal of completely replacing soy and fishmeal in the EU with their sustainable closed-loop model. Looking ahead, FarmInsect aims to intensify their research and development endeavors, expand their current breeding lines, and establish additional production facilities to ensure the lasting success of their eco-friendly solution.
Monika Steger, Managing Director of Bayern Kapital, highlighted the pivotal role insect-based feed plays in fostering sustainable agriculture. The collaborative efforts with FarmInsect have already made significant strides, installing the first customer systems and launching a new production site. With unwavering satisfaction in the partnership to date, the future holds great potential for sustainable agriculture with FarmInsect leading the way.