Irish agritech startup Hexafly has just closed a €1.1 million funding round and is now seeking €10m to help build a larger production facility to fuel expansion by the end of this year.
The agritech company has raised €2.2 million to date, which includes €900,000 in angel funding. This angel funding is the largest investment in the agritech sector till date that has come out of HBAN. HBAN or Halo Business Angel Network is an umbrella group looking to increase the number of angel investors in Ireland. Other investors include Enterprise Ireland and SOS Ventures.
With this fund, the agritech startup is planning to help to fund 50 new jobs over the next couple of years and a new larger production facility as well. Additionally, this enables Hexafly to further expand its reach in global markets including Europe, the US and Asia.
Know everything about Hexafly
The Meath-based company makes use of insects to transform waste into a substance that can be utilised in animal feed ingredients, fertilisers and a range of other industries. Specifically, the substance is generated from the naturally shredded skins of the flies, which consume waste and shed their skins as they grow.
Hexafly was founded in 2016 by Alvan Hunt and John Lynam, in order to solve the issue of global food shortage. The co-founders developed technology to breed flies on an industrial scale. It involves processes such as converting low-value waste streams, using black soldier flies into a food source for the animal feed industry, and human consumption.
As of now, the agritech startup exports more than 90% of its insect-based products and is seeing growing demand in the US and the far East.
Goal of the company
Regarding the goal of the startup, Hexafly chief executive Alvan Hunt stated, “Our goal is to educate people about the benefits of insect-derived protein, how sustainable it is and essentially find smart ways to feed the growing global population”.
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