FarmInsect receives €8 million in successful financing round

Bavarian agri-tech startup FarmInsect receives €8 million for sustainable feed production from insect larvae and 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. 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 feeds such as soy and fishmeal.

Together, we will advance our ambitious goal of replacing soy and fish meal entirely in the EU with our sustainable closed-loop model.

Thomas Kuehn, founder and CEO of FarmInsect

FarmInsect was again able to gain the participation of Bayern Kapital, which first invested in the company in the summer of 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.

Already at the time of our first investment about two years ago, it was clear to us that 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 in relation to feeds such as soy and fishmeal that are associated with environmental impacts. FarmInsect uses black soldier fly larvae to produce feed. These larvae are raised locally and fed with regional byproducts such as crop or peel residues. This system enables the production of protein feed with lower costs and CO2 emissions and independent of global supply chains. It also generates compost as a byproduct.

In Bavaria, agriculture 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 like FarmInsect.

Hubert Aiwanger, Bavarian Minister of Economic Affairs

With the fresh funding, FarmInsect plans 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 feed in the EU and to intensify its research and development activities. FarmInsect's founders as well as investors emphasized the importance of the financial support and the common goal to promote sustainable feed alternatives.