The Thai agritech startup Flylab has obtained $1 million in a seed and pre-series A funding round Sanyo Trading. The black soldier fly (BSF) ingredients producer aims to increase its business.
In order to create its first pilot plant in Thailand, ALES Global Investment Partnership III and MSIVC2021V Venture Capital Investment Limited Partnership helped to finance the startup.
The plant contains a BSF farm and sustainably manufactures insect meal, oil, dried larvae and organic fertilizer.
The company’s BSf meal is an alternative protein for animal feed compared to the usual ones. Since protein has become more and more expensive, Flylab was contacted by the aquaculture and pet food industries contracting full production. That is why the company is fully signed for the next three years.
Flylab expects that $15 million will be obtained in its series A funding round. The startup wants to use the money to build its first industrial factory in Bangkok next year with a production capacity of over 6,000 tonnes for insect protein.