FarmInsect receives 8 million euros in successful financing round

Bavarian agri-tech startup FarmInsect receives 8 million euros for sustainable feed production from insect larvae and the reduction of expensive imports

Landshut / Munich, October 23, 2023 - Bavarian agri-tech startup FarmInsect has successfully closed a Series A financing round, raising a total of 8 million euros. FarmInsect, based in Bergkirchen near Munich, has developed an automated fattening system that enables farmers to produce protein-rich feed from insect larvae directly on their farms. This should reduce the need to import more expensive feedstuffs such as soy and fishmeal.

Together, we will drive forward our ambitious goal of completely replacing soy and fishmeal in the EU with our sustainable circular model.

Thomas Kuehn, founder and CEO of FarmInsect

FarmInsect has once again secured the participation of Bayern Kapital, which first invested in the company in summer 2021 and is now expanding with funds from the Bayern 2 growth fund. In addition, Sandwater as lead investor, the Minderoo Foundation and the EU-funded EIC Fund are new investors in FarmInsect.

It was already clear to us when we first invested around two years ago: insect feed is an essential piece of the puzzle for sustainable and future-proof agriculture.

Monika Steger, Managing Director of Bayern Kapital

The startup was founded in 2019 by founders Wolfgang Westermeier and Thomas Kuehn to promote more sustainable feed production in agriculture, especially with regard to feedstuffs such as soy and fishmeal, which are associated with environmental impacts. FarmInsect uses black soldier fly larvae to produce animal feed. These larvae are bred locally and fed with regional by-products such as crop or peeling residues. This system enables the production of protein feed with lower costs and CO2 emissions and independent of global supply chains. It also produces compost as a by-product.

Agriculture in Bavaria is both an economic sector and an essential part of our historically developed cultural landscape. We therefore support the growth of sustainable and technology-oriented agri-tech companies such as FarmInsect.

Hubert Aiwanger, Bavarian Minister of Economic Affairs

FarmInsect plans to use the fresh funding to expand its sales activities and increase production capacity at its current young larvae production facility. In the long term, the company aims to establish sustainable alternatives to imported animal feed in the EU and to intensify its research and development activities. The founders of FarmInsect and investors emphasized the importance of the financial support and the common goal of promoting sustainable feed alternatives.